Current Assets are cash or other assets that are readily converted into cash. This often includes cash on hand (or in bank accounts), inventory, and accounts receivable.
The Balance Sheet is a statement of a company's assets, liabilities, and capital at a specific period of time. Assets = Liabilities + Capital. The Balance Sheet is a "snapshot" of a company's financial standing at one point in time. It is used to determine the financial status of a company, what the company's present value is.