What is the difference between an asset and a liability.
The difference between an asset and a liability is that an asset generally provides value over the long term while a liability is an expense or debt owed.
Below is an instruction that describes a task, paired with an input that provides further context. Write a response that appropriately completes the request.
### Instruction: What is the difference between an asset and a liability.
### Input: 
### Response: The difference between an asset and a liability is that an asset generally provides value over the long term while a liability is an expense or debt owed.