Final answer:
The statement that long-term debt is a liability that is payable beyond one year from the date of the financial statements is true. Long-term debt includes bonds issued by governments or corporations with repayment terms extending beyond a year.
Step-by-step explanation:
The statement that long-term debt is a liability payable beyond one year from the date of the financial statements is true. In the context of both individual and government financial management, long-term debt refers to borrowed funds that must be repaid over a time frame longer than one year. For example, when the government or a corporation issues a bond, it is effectively creating long-term debt. The issuer agrees to repay the borrowed amount plus interest over time, which can extend beyond a year and usually does so according to the terms specified in the bond agreement. This is in contrast to short-term obligations, which are expected to be paid within a single fiscal year.