Final answer:
Current assets in the current/noncurrent method refer to option a. assets with a maturity of one year or less, signifying their high liquidity and ability to be converted into cash within this time frame to fulfill short-term obligations.
Step-by-step explanation:
When using the current/noncurrent method, current assets are defined as assets with a maturity of one year or less. This accounting practice is essential when preparing a balance sheet, where assets are categorized based on liquidity. An asset with a short maturity period indicates higher liquidity, making it easier for the entity to convert it into cash within a year to meet its short-term obligations. Current assets include cash and cash equivalents, marketable securities, accounts receivable, inventory, and other assets that are expected to be liquidated or turned into cash in the normal course of business within one year or one operating cycle, whichever is longer.