If any portion of a long-term debt is to be paid in the next year, the entire debt should be classiﬁed as a current liability.

Name: If any portion of a long-term debt is to be paid in the next year, the entire debt should be classiﬁed as a current liability.
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Question

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Only the portion of the long-term debt that is due within the next year should be classified as a current liability; the remainder continues to be classified as long-term debt.

If Any Portion of a Long-Term Debt Is to Be