Which of the following statements as per Companies Act 2013 is INCORRECT?
1
As per Schedule Ill, a liability should be classified as current when the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date
2
As per Schedule Ill, a liability should be classified as current when it is expected to be settled in the company's normal operating cycle
3
As per Schedule III, a liability should be classified as current when it is held primarily for the purpose of being traded.
4
As per Schedule III, a liability should be classified as current when it is due to be settled within eighteen months after the reporting date.