Which of the following statements is true? If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. "Current maturities of non-current debt" refers to the amount of interest on notes payable that must be paid in the current year. Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. A non- current liability is an obligation that is expected to be paid within one year