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 Long-term assets: Long-term assets are those assets that will take more than one year to turn into cash or that are otherwise not intended to be sold yet (but can be sold, if necessary).

Note that a few assets don’t fall into either of these categories. That’s where the last two sections of the assets portion come into play — intangible assets and other assets. I discuss both later in this section.

This section outlines the subsections of the current assets portion of the balance sheet from the most liquid to least liquid.

Cash and cash equivalents are the most liquid assets a company has available. In other words, they’re the assets that the company can most easily turn into cash because, well, they’re already cash. Cash refers to the money a company has on hand, while cash equivalents refer to savings accounts and such, from which the company can withdrawal cash quite easily, although at times the bank can temporarily restrict access.