Current assets are a balance sheet item that represents the sum of all assets that are expected to be sold or can be turned into money within one year (one year is considered short-term in terms of finance) or one operating cycle (the average time it takes to turn cash back to cash through producing revenues), whichever is longer.
In terms of personal finance, current assets are all assets that can be sold and/or turned into cash to pay outstanding debts and cover liabilities without having to sell fixed assets.
The typical representatives of current assets include cash, cash equivalents, accounts receivable, inventory, short term investments (securities, bonds etc…), prepaid expenses and other liquid assets that can be easily converted into cash.

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