Regarding a classified balance sheet, which of the following statements regarding liabilities is incorrect?

A.

Many Notes Payable are longterm.

B.

Liabilities are listed in the order in which they must be paid

C.

Current liabilities include Accounts Payable and Unearned Revenue.

D.

Longterm 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.