Assets and liabilities appear on balance sheets as either current or noncurrent. What is the difference between

Question:

Assets and liabilities appear on balance sheets as either current or noncurrent. What is the difference between a current item and a noncurrent item? Why would users of likely be interested in this distinction?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...