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All of the statements below correctly describe features of current and non-current liabilities except one.
Which one does NOT describe current or non-current liabilities properly?
Current liabilities are obligations due within one year or the operating cycle, whichever is longer.
All payments expected to be made in the next year are current liabilities.
A single liability can be divided into its current portion and its non-current portion.
A company can have a liability even if the exact amount of the obligation is not known.