Any ASSET on the balance sheet with a final maturity of less than one year. Common current assets include cash, marketable securities (e.g., BONDS, COMMON STOCK , PREFERRED STOCK , and other investments), INVENTORY, and ACCOUNTS RECEIVABLE . Current assets generally exhibit a high degree of LIQUIDITY and can often be converted into cash very quickly, at a price near carrying value. See also CURRENT LIABILITIES , CURRENT RATIO.
Black’s Law Online Dictionary
