Presented below is the current liabilities section of Nizami Corporation.

Instructions
Answer the following questions.
(a) What are the essential characteristics that make an item a liability?
(b) How does one distinguish between a current liability and a long-term liability?
(c) What are accrued liabilities? Give three examples of accrued liabilities that Nizami might have.
(d) What is the theoretically correct way to value liabilities? How are current liabilities usually valued?
(e) Why are notes payable reported first in the current liabilitysection?

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(S000) 2008 2007 Current liabilities Notes payable Accounts payable Compensation to employees Accrued liabilities Income taxes payable Current maturities of long-term debt $ 68,713 7,700 101,379 31,649 77,621 26,491 16,592 6,649 179,496 60,312 158,198 10,486 Total current liabilities $493,797 $251,489