a$)$ Your erstwhile classmates, Danny and Mellie, have started a new business. They have no idea of accounting and how financial transactions are reported in documents. Since you are studying Financial Accounting and Reporting, they have asked you to advise them. You find that they put all assets and liabilities in one list. From your class studies so far, how would you explain why it is important to classify balance sheet items as current and non$-$current? Explain with a real or hypothetical example

b$)$ What do you understand by the following statement? Explain with a real or hypothetical example: $$Assets are usually listed in order of liquidity while liabilities are listed in order of their maturity$.$