All of the following statements regarding long-term liabilities are true except?

A) Liabilities not expected to be paid within the longer of one year or the company's operating cycle are reported as long-term liabilities.
B) Long-term liabilities include long-term notes payable,warranty liabilities,lease liabilities,and bonds payable.
C) Liabilities that do not have a fixed due date,but are payable on demand,are reported as long-term liabilities.
D) Long-term liabilities can be reported on the balance sheet in a single total or in multiple categories.
E) A single long-term liability can be divided between current and noncurrent sections on the balance sheet.

Question

Chemika Metayer · Accepted Answer

Final Answer : C, Explanation :  Liabilities that do not have a fixed due date and are payable on demand are typically reported as current liabilities rather than long-term liabilities.

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