Related to long-term liabilities, reading the notes to the financial statements is important because they contain

A) the characteristics of the long-term debt
B) the market rate of interest for the long-term debt
C) the market value of the long-term debt
D) the amount of debt converted into common stock

The notes to the financial statements provide important details about the characteristics of long-term debt, such as the interest rate, payment schedule, and terms of repayment. This information is essential for understanding the nature and extent of a company's long-term liabilities. The market rate of interest and market value of the debt may also be disclosed in the notes, but they are not the primary focus. The conversion of debt into common stock would typically be disclosed in the notes as well, but this is not a characteristic of long-term debt.