Question

Distinction between current and non-current items:
1. Current assets or liabilities are involved in operating cycle.
2. Current assets or liabilities are realised/settled within 12 months.
3. Current items are primarily for trading.
4. Current items are cash or cash equivalent.​
answer guys

Answer 1

Current assets are assets that are expected to be converted to cash within a year. ... Current assets include items such as accounts receivable and inventory, while noncurrent assetsare land and goodwill. Noncurrent liabilities are financial obligations that are not due within a year, such as long-term debt..

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