Page 27 - NCCAA Finance Board Accountability
P. 27
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.
