Which of the following would not be considered a current liability?

A current liability is defined as a financial obligation that a company is expected to settle within one year or within its operating cycle, whichever is longer. In this context, long-term bonds payable represent a liability that is not due to be settled within the next year; instead, these are obligations that typically extend well beyond that timeframe, usually having a maturity of several years.

In contrast, accounts payable, short-term debt, and accrued expenses are all obligations that a company will need to pay within the near term. Accounts payable refers to amounts owed to suppliers for goods or services received, short-term debt includes borrowings that are expected to be repaid within one year, and accrued expenses are expenses that have been incurred but not yet paid, all of which fall under current liabilities since they are associated with obligations to be settled within a year. Thus, long-term bonds payable stands out as an item that does not fit the definition of current liability.