Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 24)
What items are included as liabilities on the Statement of Financial Position of a non-profit organization?
Subscriptions owing
Bank overdraft
Accumulated Fund
Prepaid subscriptions
Explanation
Liabilities represent obligations that the organization owes to others, which includes subscriptions or amounts outstanding, bank overdrafts, and prepaid subscriptions.
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