Which of the following is the BEST definition of a current liability? An obligation. A management mistake. An obligation payable in US currency. An obligation expected to be satisfied with current assets or by the creation of other current liabilities. Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the most correct term by placing the letter designating that term in the space provided. Short-term note Warranty Liability Advances from customers Installment note payable Secured loan Liabilities when cash received. Usually principal and interest paid periodically. A loss contingency accrued in the period of related sales. A common temporary financing arrangement. Requires collateral