![Liability: Definition, Types, Example, and Assets vs. Liabilities](/blog/content/images/size/w500/2023/03/All-You-Need-to-Know-About-Liabilities-_bimakavach.png)
Liability: Definition, Types, Example, and Assets vs. Liabilities
There is a difference between liabilities and assets. A liability is something that an individual or company owes (typically a monetary amount). In the context of accounting, a liability is recorded on the right-hand side of a balance sheet.