Common examples of current liabilities include accounts payable, unearned revenue, the current portion of a noncurrent note payable, and taxes payable Notes payable is a debt to a lender with specific repayment terms, which can include principal and interest.

Interest accrued can be computed with the annual interest rate, principal loan amount, and portion of the year accrued Accounts payable typically does not include interest payments

note payable — legal document between a borrower and a lender specifying terms of a financial arrangement; in most situations, the debt is long-term. unearned revenue — advance payment for a product or service that has yet to be provided by the company; the transaction is a liability until the product or service is provided. interest — monetary incentive to the lender, which justifies loan risk; interest is paid to the lender by the borrower. principal — initial borrowed amount of a loan, not including interest; also, face value or maturity value of a bond (the amount to be paid at maturity).