Liability

In the most general sense, a liability is anything that is a hindrance, or puts one at a disadvantage.

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In accounting, a financial liability is something that is owed to another party. This is typically contrasted with an asset which is something of value that you own. It is said, "assets put cash in your pocket, liabilities take cash out of your pocket." The basic accounting equation relates assets, liability, and capital (or equity) thus:

Accounting: REDIRECT Accountancy...

Owe: Owe is a surname or given name, a spelling variation of Ove, and may refer to:...

Asset: In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e.g. a company, the measurement of which can be expressed in monetary terms. Asset is listed on the balance ...