What would constitute a non-current asset?

A non-current asset is defined as a long-term economic resource that is not expected to be converted into cash or consumed within one year. These assets are crucial for a company's operations and include items that provide value over extended periods.

Land and buildings fall squarely within this definition as they are tangible assets that typically have a lifespan longer than one year and are not meant for immediate resale or consumption. They are used in the business for various functions, such as operations or as investments.

In contrast, inventory and cash are categorized as current assets. Inventory is considered a current asset because it is expected to be sold or used within one year. Cash, being the most liquid asset, is classified as current since it is readily available for use in the company's operations. Accounts receivable are also classified as current assets since they represent amounts owed to the business that are expected to be collected within one year. Thus, the correct answer highlighting a non-current asset is land and buildings.