A liability is generally an obligation between one party and another that's not yet completed or paid. A financial liability is also an obligation in the world of accounting but it's defi… See more

Liability generally refers to the state of being responsible for something. The term can refer to any money or service owed to another party. Tax liability can refer to the property ta… See more

It's a long-term liability if a business takes out a mortgage that's payable over a 15-year period but the mortgage payments that are due during the current year are the current port… See more

Assets are what a company owns or something that's owed to the company. They include tangible items such as buildings, machinery, and equipment as well as inta… See more