Assets can be divided into two categories: current and noncurrent. Current assets are items listed on a company's balance sheet that are expected to be converted into cash within one fiscal year. Conversely, noncurrent assets are long-term assets that a company expects to hold over one fiscal year and cannot readily be converted into cash. Current and noncurrent assets are located on the balance sheet.  

Read more: How are current and noncurrent assets different? 

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