What is an Asset? What is a Liability?

[justin丶martin]

I want to better understand the answer.

 

[Fidget]

In a nutshell, an asset is a resource and a liability is an obligation.

 

[ladyrider]

Or an asset is something owned by you - any bank accounts, buildings, cars, office machinery, good or services sold on account. A liability is everything you owe to anyone.