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A classified Balance Sheet divides assets and liabilities into current and long term totals. Why does GAAP require that we take the time to distinguish

A classified Balance Sheet divides assets and liabilities into current and long term totals. Why does GAAP require that we take the time to distinguish current from long term? What use is this information to users of our financial statements?

Explain (in two or three sentences) the usefulness of classifying Assets and Liabilities as current and long term.

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