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Difference between the assets and liability

According to Professor R.N. Anthony, "Assetsare valuable resources owned by a business which are required at immeasurable money cost." Thus, Assets are the properties , both tangible and intangible which are owned by a business entity as the means to get economic benefits. Examples - machinery ,plant and building ,goodwill computer, furniture ,stock ,bills receivable etc. Liabilities mean amount payable by the business to someone. A business can owe amount to either the proprietor or the external people. Examples- creditors, bills payable, short term loans, long term loans etc.
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ASSET:- ASSET means those valueable resources which is owned by business entity to get economic benifits in business. Also Assets are those which gives Future Economic Benifits more than 1 year. ASSET comes in DEBIT group.
 
LIABILITY:- LIABILITY means amount payable in future to a person/group  by business entity. LIABILITY comes in CREDIT group.
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  1. ASSETS:  A value of all those goods and services which are under our ownership and will be used in future is asset i.e., all the goods and services which have some benefits in future ( monetry benefits).                      
                                                                                            OR             
Anything which we purchase or create if give benefits in past is asset 
   
          LIABILITY: the amount which is to be repaid in future is known as liability
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