Which of the following statements regarding liquidity ratios is false?

Multiple Choice

A high acid$-$test ratio generally indicates the ability to pay current liabilities on a timely basis.

All current assets are due within one year and therefore have essentially equal liquidity.

As a rule of thumb, a current ratio of $1$ or higher often reflects an acceptable level of liquidity.

A high current ratio generally indicates the ability to pay current liabilities on a timely basis.