Question

Which of the following is not a typical current liability?

a. interest payable
b. current maturities of ong-term debt
c. mortgages payable
d. salaries payable

Answer 1

Mortgages payable are not a typical current liability, as they are usually long-term unless a portion is due within the next year.

Step-by-step explanation:

Among the options provided, mortgages payable is not a typical current liability. Current liabilities are obligations that a company is expected to pay within the next year or within its operating cycle, whichever is longer. Examples include interest payable, current maturities of long-term debt, and salaries payable. These are all expected to be settled in the short term. Mortgages payable, however, are generally classified as long-term liabilities unless a portion is due within the next year, which would then be classified as current.