The field object choices contains all of the possible choices for your field, the field value contains the choices that have been made.
$field_object = get_field_object('field_name');
$field_values = get_field('field_name');
foreach ($field_values as $value) {
<li class="<?php
echo $value; ?>"><?php
echo $field_object['choices'][$value]; ?></li>
}