Which of the following best describes a non-current liability?

A non-current liability is best described as a debt that is repaid over a period greater than 12 months. This definition aligns with the fundamental distinction between current and non-current liabilities in accounting. Non-current liabilities represent an organization's long-term obligations that are not due to be settled within the next year, which often includes items like long-term loans, bonds payable, and leases.

This classification is important for financial reporting as it helps stakeholders understand the company’s long-term financial obligations and its capacity to meet those obligations. On the balance sheet, non-current liabilities are listed separately from current liabilities to provide a clearer picture of the company's financial position and liquidity.

In contrast, the other options refer to characteristics that do not align with the definition of non-current liabilities. For example, debts that need to be repaid within 3 months are classified as current liabilities, while current assets available for sale and short-term expenses payable pertain to the company's immediate financial activities rather than long-term obligations.