Question

meaning of asset and liability in simple word

Answer 1

ASSET -a useful or valuable thing or person.
LIABILITY -a person or thing whose presence or behaviour is likely to put one at a disadvantage.

Answer 2

An asset is a useful or valuable thing or person.  A liability is a person or thing whose presence or behaviour is likely to put one at a disadvantage.  It means an asset is useful while a liability puts someone at a disadvantage.   Hope it helps...