Access the FASB Codification at http://asc.fasb.org to prepare responses to the following.
(a) Access the glossary (“Master Glossary”) at the FASB Codification website to answer the following.
(1) What is the definition of current assets?
(2) What is the definition of current liabilities?
(b) A company wants to offset its accounts payable against its cash account and show a cash amount net of accounts payable on its balance sheet. Identify the criteria (found in the FASB Codification) under which a company has the right of set off. Does the company have the right to offset accounts payable against the cash account?