Net current assets or Working capital, calculated by subtracting current liabilites from current assets, is a measure of the assets the company has at its disposal in the short term to fund operations - other kinds of assets such as equipment, real estate and goodwill are less easily converted to cash.
By the principle of prudence, current assets are reported in the balance sheet at their least favorable valuation. Short-term investments, for example, will be recorded at the value that the firm paid for it or the market value, whichever is lower. It is only after selling the position that the company recognizes any gains. Similarly, inventory of raw materials is valued at the lower of cost of purchase and market price; and inventory of finished goods are recorded at the lower of cost of production and selling price.
Non-Cash Current Assets are equal to all Current Assets minus Cash and Cash Equivalents. This means, they are all assets which are not cash or are not quickly converted into cash. This includes stocks and loans which have fixed durations or must be sold before being turned into cash and cash equivalents.