Current liabilities are defined as existing obligations that: a. Will be settled by use of current assets or the creation of a current liability. b. Must be settled within the longer of one year or the business operating cycle. c. Must be settled within the shorter of one year or the business operating cycle. d. Must be paid within year. e. None of the answers provided is correct. Current liabilities are typically recorded at: a. Present value. b. Fair value. c. Future settlement value. d. Market value. e. None of the answers provided is correct