Which of the following factors is NOT a current liability?

Long-term debt is classified as a non-current liability because it represents obligations that are due beyond one year from the balance sheet date. Current liabilities are financial obligations that are expected to be settled within one year or one operating cycle, whichever is longer. In contrast, accrued expenses, short-term debt, and deferred revenue are all liabilities that fall due within this short time frame.

Accrued expenses reflect expenses that have been incurred but not yet paid, short-term debt refers to loans or financial obligations that must be repaid within a year, and deferred revenue indicates payments received before services are rendered or goods are delivered, which must be recognized as revenue in future periods. Therefore, long-term debt remains a critical distinction among these options, as it does not fit the timeframe characteristic of current liabilities.