how are current assets different from fixed noncurrent assets 
in accounting assets are categorized by their time horizon of use current assets are expected to be sold or used within one year fixed assets also known as noncurrent assets are expected to be in use for longer than one year fixed assets are not easily liquidated as a result unlike current assets fixed assets can undergo depreciation over time the bottom lineassets are basically anything of value that an individual a business enterprise or another entity owns different types of assets are treated differently for tax and accounting purposes generally speaking assets are a good thing to have and liabilities less so 