A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business.

• current assets - cash, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash
• long-term assets - real estate, plant, equipment, etc.
• prepaid and deferred assets - expenditures for future costs such as insurance, rent, interest, etc.
• intangible assets - trademarks, patents, copyrights, goodwill, etc.