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.
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Thank you for sharing this
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Another fun quiz!
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I’m sure you’d score another 100% Jim! 😀Thanks for always engaging. Much appreciated! Hope all is well where you are.
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We are doing well; I hope the same for you…
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Us too. Thanks!
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