Which of the following is typically classified as a current liability?

Accrued expenses are classified as current liabilities because they represent obligations that a company has incurred but has not yet paid by the end of the accounting period. These expenses have typically arisen from normal business operations and must be settled within a year or during the operating cycle, whichever is longer. Examples include wages payable, interest payable, and any other expenses that have been incurred but not yet paid.

In contrast, long-term debt is a liability that is not due within the next year, and mortgages are typically considered long-term obligations because they are repaid over an extended period. Fixed assets refer to tangible long-term resources like buildings and equipment, which are not liabilities but rather resources a company owns to generate revenue. This distinction is critical in financial reporting, as it helps stakeholders understand the company's liquidity position and obligations due in the short term.