14. Long-term liabilities are distinguished from current liabilities on the basis of: a. Whether the liability is to be paid within the operating cycle or one year, whichever is longer. b. Whether the liability is to be paid out of current assets within the operating cycle or one year, whichever is longer. c. Whether the liability is to be paid within one year or less. d. Whether the liability is to be paid within the operating cycle of the business, if it is less than one year