What does liability and assets actually mean in accounting?i am in 11th and have just started my session n during my accounts class this question...

Assets are the things or say properties
owned by the business whereas liabilities are the
obligations or debts payable by the enterprise .Thus it it
is the creditors claim against the assets of the
business.

lets take an example say a businessman purchased
a land or say inventory in which he deals , these are assets as these are owned by him ,
which helps him in doing his business

on the other hand say
he buys inventory on credit . thus he has created a liability or he owns money to the
creditors which is payable on certain day.

thus inventory
is asset as owned but creditors from whom we purchased inventory are liabilities as we
have a obligation towards them and who has claim on our assets.