How Are Current Assets Different From Fixed or Noncurrent Assets? Assets are categorized in accounting by their time horizon of use. Current assets are expected to be sold or used within one year.

What is a statement of financial position? Learn about preparing a financial position statement with current and non-current assets, equity and liabilities.

Current assets contrast noncurrent assets like long-term notes receivable, and intangible assets like patents. A work in progress is a task, assignment, or project that is still under production.