Under U.S. GAAP, liabilities payable within one year can be excluded from current liabilities only if:

a/ The business intends to refinance the obligations on a long-term basis.

b/ The business has the demonstrated ability to refinance the obligations on a long-term basis.

c/ The business has the intent and the ability to refinance the obligation on a long-term basis.

d/ Liabilities payable within one year always must be classified as current liabilities.

Multiple Choice