TRUE FALSE Write T if the statement is true and F if the statement is false 33) Long-term debt is a liability that is payable beyond one year from the date of the financial statements. 33) 34) The basic component of paid-in capital is common stock. 34) 35) Accounting is often called the language of business. 35) 36) If a company performs services an account, the revenue is not eamed until the cash is collected. 37) The amount of prepaid insurance that is used up during a period of time is recorded as Insurance Expense. 37 38) A balance sheet reports the company's financial position over a period of time