Assets vs. Liabilities — What's the Difference?

A useful or valuable quality, person, or thing; an advantage or resource

The state of being liable.

A valuable item that is owned.

Something for which one is liable; an obligation, responsibility, or debt.

A spy working in their own country and controlled by a foreign power or an enemy.

Liabilities The financial obligations entered in the balance sheet of a business enterprise.

(Accounting) The entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill.

Something that holds one back; a handicap.

The entire property owned by a person, especially a bankrupt, that can be used to settle debts.

Likelihood.

Plural of asset

Plural of liability

(finance) Any property or object of value that one possesses, usually considered as applicable to the payment of one's debts.

(finance) An amount of money in a company that is owed to someone and has to be paid in the future, such as tax, debt, interest, and mortgage payments.

(accounting) The left side of a balance sheet.

(accounting) The right side of a balance sheet.

(legal) Sufficient estate; property sufficient in the hands of an executor or heir to pay the debts or legacies of the testator or ancestor to satisfy claims against it.

Anything that is owed to someone else

Any goods or property properly available for the payment of a bankrupt's or a deceased person's obligations or debts.

Private parts; a woman's breasts or buttocks, or a man's genitalia.

Property of a deceased person, subject by law to the payment of his debts and legacies; - called assets because sufficient to render the executor or administrator liable to the creditors and legatees, so far as such goods or estate may extend.

The entire property of all sorts, belonging to a person, a corporation, or an estate; as, the assets of a merchant or a trading association; - opposed to liabilities.

Anything of material value or usefulness