Which of the following is NOT an example of a current liability?

Long-term debt is classified as a non-current liability because it represents obligations that are due for payment in more than one year. This contrasts with current liabilities, which are short-term financial obligations that are expected to be settled within one year or within the company's operating cycle. Current liabilities typically include accounts payable, taxes payable, and other short-term obligations such as accrued expenses or severance pay that is expected to be paid within the year.

Understanding the classification of liabilities is vital for financial reporting and analysis. Current liabilities are important indicators of a company’s short-term financial health and liquidity. In contrast, long-term debt signals long-term financial commitments and does not impact immediate liquidity in the same way. Thus, recognizing long-term debt as not being a current liability reflects a fundamental principle of accounting regarding the timing of obligations.