Exercise 5 - True and False Questions - mention if each statement below is TRUE or FALSE (15 points) 1) The time period for classifying a liability as non-current is one year or the operating cycle, whichever is longer. 2) To be classified as non-current liability, a debt must be expected to be paid within 6 months. 3) A note payable usually requires the borrower to pay interest. 4) A HK$50,000, 9%, 6-month note payable requires an interest payment of HK$2,250 at maturity. 5) Metropolitan Symphony sells 200 season tickets for 120,000 that represents a six concert season. The amount of Unearned Ticket Revenue after the third concert is 60,000. Middl 2020