Indicate whether each of the following statements is true or false.
1. The portion of a long-term liability due within one year or the operating cycle must always be classified as a current liability
2. Current liabilities are those liabilities that are usually repaid using current assets
3. The liquidity of an asset refers to how recently the asset was received
4. A current liability is due within one year or the operating cycle, whichever is longer
5. The balance sheets for most companies show current assets and current liabilities

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The Answer of Indicate whether each of the following statements is true or false.
1. The portion of a long-term liability due within one year or the operating cycle must always be classified as a current liability
2. Current liabilities are those liabilities that are usually repaid using current assets
3. The liquidity of an asset refers to how recently the asset was received
4. A current liability is due within one year or the operating cycle, whichever is longer
5. The balance sheets for most companies show current assets and current liabilities

Indicate Whether Each of the Following Statements Is True or False