Presented below is the current liabilities section of Micro SE (amounts in thousands).

Instructions
Answer the following questions.
a. What are the essential characteristics that make an item a liability?
b. What distinguishes a current liability from a non-current liability?
c. What are accrued liabilities? Give three examples of accrued liabilities that Micro might have.
d. What is the theoretically correct way to value liabilities? How are current liabilities usually valued?
e. Why are notes payable often reported first in the current liabilities section?
f. What might be the items that comprise Micro's liability for "Compensation to employees"?

2019 2018 Current liabilities 68,713 7,700 Notes payable Accounts payable 179,496 101,379 Compensation to employees 60,312 31,649 Accrued liabilities 158,198 77,621 Income taxes payable 10,486 26,491 6,649 Current maturities of long-term debt 16,592 Total current liabilities 493,797 251,489