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"Financial Liabilities Checklist"

This Financial Liabilities checklist enables you to quickly identify whether you are dealing with a liability or not when handling management finances. It also aids your ability to understand this aspect of an organization's balance sheet.

This checklist enables you to quickly identify whether you are dealing with a liability or not when handling management finances. It also aids your ability to understand this aspect of an organization's balance sheet.
An organization's liabilities are its legal obligations or debts that occur as a result of operating the business or service organization. It includes the following items:

• Loans
• Mortgages
• Accounts Payable
• Deferred revenues
• Accrued expenses

The balance sheet lists liabilities of an organization under two headings:

• Current Liabilities: items that are due or must be paid within a year
• Long-term Liabilities:  items that are due or expect to be paid after 12-months of the date of the balance sheet

These two forms of liabilities plus the equity within the organization will balance with its assets; the credit side of this financial statement.

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