> For the complete documentation index, see [llms.txt](https://glossary.ecsa.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://glossary.ecsa.io/asset-liability.md).

# Asset - Liability

Asset and liability are accounting notions that connect [Agent](/agent.md)s across time. A liability entry in my ledger is an asset entry in yours. Your present right is my promise and future obligation. Accounting protocol serves us by organizing our pasts but our futures too. In the economic space protocol an asset is a transferable and divisible smart contract that encodes the ownership on a set of rights, that may trigger a network performance. See [Network asset](/network-asset.md). See [Accounting](/accounting.md). See [Token](/token.md).