Answer these questions using the FASB standards codification website!

1. How to properly cite an accounting standard from ASC? List the following components in a sequence for proper reference. (1 point) (a) section number, (b) topic number, (c) subtopic number, (d) subsection number ASC XXX-Topic YY-Subtopic ZZ-Section PP-Paragraph 2. What is the definition of a current asset? Cite the Codification topic number(s) relevant to classifying an item as a current asset. (2 points) 3. List the new revenue recognition steps in order; cite the Codification listing the steps an entity follows to recognize revenue. Research ASC 606-10-10-1 to identify the missing words in the following paragraph: The objective of the guidance in ASC 606-10-10-1 "is to establishthat an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of and arising from a contract with a customer." 2 points)