Any ASSET on the balance sheet with a final maturity of less than one year. Common current assets include cash, marketable securities (e.g., BONDS, COMMON STOCK, PREFERRED STOCK, and other investments), INVENTORY, and ACCOUNTS RECEIVABLE. Current assets generally exhibit a high degree of LIQUIDITY and can often be converted into cash very quickly, at a price near carrying value. See also CURRENT LIABILITIES, CURRENT RATIO.