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Write at least 200 words answering the following three questions: 1. What factors determine whether an asset or liability should be classified as current or long-term in a balance sheet. 2. Identify six items that under different circumstances could be classified as either current or long-term. Indicate the factors that would determine the correct classification. 3. How would one use the classification of Current status to conduct an analysis of: a) Current Position Analysis and what is the impact? b) Current Ratio and is the impact? c) Quick Ratio Analysis and what is the impact? d) What is the importance of the above three analysis (a-Current position; b-current ratio; c- Quick ratio)