Final answer:
All three options (a, b, c) provided in the question describe characteristics of current liabilities, which mean they are obligations due within one year or the operating cycle and can be rolled over or may involve estimated amounts. Hence, option d, stating that all three are characteristics of current liabilities, is correct.
Step-by-step explanation:
The question seeks clarification on which statement is not characteristic of current liabilities. Current liabilities are defined as obligations that a company needs to settle within one year or within its operating cycle, whichever is longer. They may also involve estimated amounts that are recognized in the financial statements before the precise amount is known. Additionally, current liabilities can often be rolled over into new liabilities.
Therefore, the options a, b, and c all describe characteristics that are possessed by current liabilities. Option a) 'They may be replaced with a new short-term liability rather than being paid in cash' is correct as businesses sometimes refinance their debts. Option b) 'They may involve estimated amounts' is correct as certain liabilities such as warranties or taxes can be estimated. Option c) 'They are due within one year or within the operating cycle, whichever is longer' is the primary definition of a current liability.
The answer is that all three of the listed options (a, b, and c) are characteristics of current liabilities and therefore must be true for each statement involved. Thus, option d is the correct response as it states that all the options are characteristic of current liabilities.