Regarding a classified balance sheet,which of the following statements regarding liabilities is incorrect?
A) Many Notes Payable are long-term.
B) Current liabilities include Accounts Payable and Unearned Revenue.
C) Long-term liabilities must be paid either with cash or with goods and services within one year or the entity's operating cycle, if the cycle is longer than one year.
D) Liabilities are listed in the order in which they must be paid

Question

Quizplus · Accepted Answer

Long-term liabilities are not necessarily due within one year or the entity's operating cycle. They are due after one year or the operating cycle, whichever is longer.

Regarding a Classified Balance Sheet,which of the Following Statements Regarding