$0\mathrm{.}5$points eBookReferences Check my workCheck My Work button is now disabled$1$ Item $15$ The liability for bond anticipation notes $($BANs$)$ Multiple Choice Should always be treated as a long$-$term liability. Should always be treated as a short$-$term liability. Should be treated as a long$-$term liability if all legal steps have been taken to refinance the BANs and the intent is supported by an ability to consummate refinancing the short$-$term notes on a long$-$term basis. Should be treated as a long$-$term liability when voters have approved issuance of the bonds to repay the BANs.