An accounting term for assets continually turned over in the course of business. They should be distinguished from fixed assets and other assets bought for permanent use. Examples of current assets are debtors, stock, work in progress, cash and also perhaps investments which are not trade investments. The phrase ‘net current assets’ is often used and refers to the total of current assets less the total of current liabilities. Another name for this difference is working capital.
Reference: The Penguin Business Dictionary, 3rd edt.