Liabilities are usually classified as
either current or noncurrent liabilities. Current liabilities are those
obligations whose {{U}}(61) {{/U}} is reasonably expected to require the
use of existing resources properly classified as current {{U}}(62)
{{/U}}, or the creation of other current liabilities. This definition of
current liabilities emphasizes a short-term creditor's claim to working capital
rather than to the due date for {{U}}(63) {{/U}} purposes. Accounts
payable, dividends payable, salaries payable, and taxes payable are examples of
current liabilities. Liabilities which are not current liabilities are
{{U}}(64) {{/U}} as noncurrent or long-term liabilities. Bonds payable
and mortgages payable are examples of {{U}}(65) {{/U}}
liabilities.