Current assets are assets that a business expects to convert into cash within one year or during the course of its normal operating cycle. Cash on hand, inventory and accounts receivable fall under current assets. Fixed assets, on the other hand, are assets that have a life expectancy of more than one year and are not intended for resale. These assets can include buildings, furniture, vehicles and equipment as long as they directly contribute to a company’s operation. Both current and fixed assets play a role in how businesses generate revenue and manage expenses.