(1) Obligations to be paid within one within one year or
the company's operating cycle, whichever is longer.
Ans:Current Liabilities.
Explanation:
It is an obligation which means company have to pay so it can not be assets and revenue, therefore both the option (4)& (5) are incorrect.
Liabilities can be classified in two categories:
1) Current : Paid within one year or operatimg cycle'of company whichevr is lower.
2) Non'current: its due after one year
Therefore (1) is correct option and (2) is incorrct because no such type of liability exists.
(3) bills are incomplete information as it can be for long term or short term. hence (3) is also incorrcet option.
Hence Current Liability is the only correct choice.
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