The current portion of notes payable is the principal amount that will be paid within one year of the balance sheet date.

Name: The current portion of notes payable is the principal amount that will be paid within one year of the balance sheet date.
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The statement is true. The current portion of notes payable refers to the portion of a long-term debt that is due within the next year and is reported as a current liability on the balance sheet.

The Current Portion of Notes Payable Is the Principal Amount