The distinction between current and non-current items:

1. Current assets or liabilities are involved in the operating cycle.
2. Current assets or liabilities are realized/settled within 12 months.
3. Current items are primarily for trading.
4. Current items are cash or cash equivalent.

Current Assets are the items that are tangible and can quickly be converted to cash or that will be sold within 12months.Ex- Stock, Debtors, Cash in Hand, Cash at Bank, etc

Current Liabilities – Items/dues/liabilities expected to be pay within 1years. It’s a financial obligation need to discharge within 1year only. Ex- Accounts Payable, Bank overdraft, Creditors, etc