Within Chapter 11 you have learned about various types of current liabilities such as: accounts and notes payable, payroll liabilities, and fringe benefit liabilities. Answer the following questions regarding what you have learned: In order to match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken? Discuss. Vacation pay is normally considered a current liability. When, if ever, would it be considered a long-term liability? Discuss the difference between the two classifications.