Questions: Knowledge Check 01 We classify the portion of long-term debt maturing within one year from the balance sheet date as a long-term liability.

Knowledge Check 01 We classify the portion of long-term debt maturing within one year from the balance sheet date as a long-term liability.
Transcript text: Knowledge Check 01 We classify the portion of long-term debt maturing within one year from the balance sheet date as a long-term liability.
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Solution

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Solution Steps

Step 1: Analyze the provided text

The provided text states, "We classify the portion of long-term debt maturing within one year from the balance sheet date as a long-term liability." This statement is incorrect.

Step 2: Correct the provided text

The portion of long-term debt maturing within one year is classified as a _current_ liability, not a long-term liability. This is because it's an obligation expected to be settled within the next year.

Final Answer:

The statement is false. Long-term debt maturing within one year is classified as a current liability.

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