Definitions 
Liabilities are the accounting opposite of assets. They are anything from which a future financial expense is expected.
Let us take the example of a bank: A bank’s liabilities are it’s borrowings. These generally come in the form of customer deposits, bond issues or loans from other banks. These borrowings are a liability because the bank expects to have to pay interest on them.
Conversely a bank’s assets are it’s loans to customers, since they expect to receive interest on them.
