Which of the following statements regarding long-term liabilities is false? Multiple Choice Long-term liabilities are obligations due after one year (or the company's operating cycle if longer). Long-term liabilities can include long-term notes payable, warranty liabilities, lease liabilities, and bonds payable. Liabilities that do not have a fixed due date, but are payable on demand, are reported as long-term liabilities. A note payable due in 8 years is classified as a long-term liability. A single long-term liability can be divided between current and noncurrent sections on the balance sheet.