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

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This statement is true as per accounting standards. Any portion of a long-term debt that is due for payment in the coming year should be categorized as a current liability in the balance sheet. This is because these debts have to be met within the next year, making them urgent and important financial obligations. The portion of the long-term debt that is due after a year can be classified as non-current liabilities.

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