Liability and asset sheet is often used interchangeably with the term balance sheet. A balance sheet is a financial statement that lists a company's assets, liabilities, and equity at a specific point in time. Some synonyms for liability would include obligation, debt, or responsibility while synonyms for asset could be possession, resources, or holdings. In the context of a balance sheet, liabilities are obligations that a company owes to others while assets are resources or possessions that a company owns. Understanding the meaning of these terms and their various synonyms is important for properly evaluating a company's financial health.