Which of the following statements is true? If any portion of a non-current liability is to...

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Which of the following statements is true? If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. *Current maturities of non-current debt refers to the amount of interest on notes payable that must be paid in the current year. Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. A non- current liability is an obligation that is expected to be paid within one year. Which of the following statements is true? If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. *Current maturities of non-current debt refers to the amount of interest on notes payable that must be paid in the current year. Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. A non- current liability is an obligation that is expected to be paid within one year.

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