1. Excluding a short-term obligation from current liabilities can be done when:-

1. the liability is contractually due to be settled more than one year after the balance sheet date.
2. the company enters into a financing agreement that permits the company to refinance the debt on a long-term basis.
3. the company has a contractual right to defer settlement of the liability for at least one year after the balance sheet date.
4. all of these answers are correct.

Note:- answer (B) & (C) are wrong. So, it's either (A) or (D)