Understanding Non-Current Assets

Non-Current Assets are long term resources owned by the company. The defining line between current and non-current assets is one fiscal year. Items like cash, accounts receivable and inventory are current assets as they are expected to be converted to cash within the fiscal year.

Non-Current Assets include both tangible and intangible assets. Tangible assets or Fixed Assets are items that take a physical form. They can be touched. For example, equipment, furniture, buildings, land etc. Intangible assets are non-physical. Items such as copyrights, trademarks, patents, etc.

Take this short quiz to assess your understanding of Non-Current Assets.

Any questions just ask in the comment section below.