Q2 - Topic 1 DQ 2 Dec 16 - 20, 2021 Refer to the FASB Codification, and answer the following item, based on the first letter of your last name. In your responses, summarize the Codification. Do not copy and paste or use quotations. 1. A - F: What guidance does the Codification provide on the classification of current assets? Why is this guidance important to you as an accountant? To users of the financial statements? 2. G - L: What guidance does the Codification provide on the classification of long-term assets? Why is this guidance important to you as an accountant? To users of the financial statements? 3. M - R: What guidance does the Codification provide on the classification of current liabilities? Why is this guidance important to you as an accountant? To users of the financial statements? 4. S - Z: What guidance does the Codification provide on the classification of long-term liabilities? Why is this guidance important to you as an accountant? To users of the financial statements? In a follow up post, compare your response to that of a classmate from the same alphabet category. What is one additional item you can add to your classmates' post about the FASB Codification requirements for that topic? REPLY TO DISCUSSION