Which of the Following Statements Is Incorrect

Multiple Choice

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 be correctly reported as a long-term liability.
C) Even when a company plans to refinance the currently maturing debt on a long-term basis, and has the ability to do so, 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 one year or from the date of the balance sheet, or within the operating cycle, whichever is longer.