Which of the following statements is false?

If the firm intends to refinance the obligation on a long-term basis and can demonstrate the ability to complete the refinancing process, then a company may exclude a short-term obligation from current liabilities.

When the Board of Directors declares cash dividends, they are recorded as a liability.

Never record FICA taxes withheld from employees' payroll checks as a liability.

The cash basis method dictates that as warranty costs are paid, they should be charged to expense.