Why is classification of Assets into Current & Non-Current necessary? Or not necessary?

Current assets are those that can be coverted to cash quickly and non current assets are those that cannot. Current assets can be used to pay current liabilities which are liabilities that, if I remember correctly, are due in payable within a short period time of less than a year. Yes, the two classifications are necessay for many reasons and one main reason is that a company cannot normally function without liquid assests to pay obligations as they fall due.

Why is classification of Assets into Current & Non-Current necessary? Or not necessary?
Thanks for the great answer. Can you remember any of the other reasons that it is necessary?

Try Googling it, Wikepedia and Current assets or that and current liabilities, read all you can there. I am sure there are other reasons.