Explanation:

- Current liabilities are financial obligations a company must settle within a year. They include items like accounts payable, short-term debt, and other debt due within the year.

- Option 1: Within a year - Correctly describes when current liabilities are due for payment. Correct Answer

- Option 2: After one year but within five years - This implies a long-term liability, not current.

- Option 3: Within five years - Would include both short-term and longer-term liabilities, but not specific to current liabilities.

- Option 4: Subject to a contingency - Generally refers to uncertain future events affecting liabilities, which may not strictly define their current nature.