Which of the following statements is incorrect?
A) The currently maturing portion of long-term debt must be classified as a current liability.
B) The non-current portion of long-term debt will remain reported as a long-term liability.
C) When a company plans to refinance the currently maturing debt on a long-term basis, it must still report the currently maturing debt as a current liability.
D) The currently maturing portion of long-term debt is a current liability if it is due within the longer of one-year or the operating cycle.
Correct Answer:
Verified
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