Page 8 - Finances for Non-Finance People
P. 8
STATEMENT OF
FINANCIAL POSITION
(BALANCE SHEET)
Liabilities are the debts or obligations that an
organization owes to others.
Examples of liabilities include loans, accounts
payable, salary payable and lines of credit.
Think of liabilities as the things that the
organization owes to others that need to be
paid back.
Current liabilities are generally due within one
year and Long-term liabilities are due after
one year.
