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Compare and contrast current and non-current assetss

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Prepare a 700-1,050-word paper in which you compare and contrast current and non-current assets. In your paper be sure that you address the following:
1) What are current assets?
2) What are non-current assets?
3) What differs between current and non-current assets?
4) What is the order of liquidity?
5) How does the order of liquidity apply to the balance sheet?

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Prepare a 700-1,050-word paper in which you compare and contrast current and non-current assets. In your paper be sure that you address the following.

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Prepare a 700-1,050-word paper in which you compare and contrast current and non-current assets. In your paper be sure that you address the following:
1) What are current assets?
Assets are the economic resources owned by an entity; entailing probable future benefits to the entity. They broadly can be dividend in two fixed assets and current assets. Current assets are the assets which can be converted into cash within an accounting year (or operating cycle) and include cash, short-term securities, debtors, (accounts receivable or book debts) bills receivable and stock (inventory). (Pandey, I.M.)
Hence these current assets include cash, marketable securities, prepaid expenses, accounts receivable, inventory, and other current assets. The cash account on the balance sheet include coin and currency on hand, deposits in checking and savings accounts, and near-cash assets such as undeposited checks. The cash and cash equivalents include the above cash and liquid investments. Thus these are short term assets of the organization.
In an organization minimum level of current assets is continuously required by a firm to carry on its business operations, is referred to as permanent or fixed working capital. On the other hand the additional current assets to support the changing production and sales activities of the firm are referred to as fluctuating or variable working capital.

2) What are non-current assets?
Non current assets are the assets whose life is more than one year and not used up in production - equipment, machinery, buildings, etc. They can be divided in three:

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