The Nature of Assets and Liabilities Assets and liabilities are important elements of a companys financial position. a.Define assets. Give three examples of assets other than cash that might appear in the balance sheet of (1) American Airlines and (2) a professional sports team, such as the Boston Red Sox. b.Define liabilities. Give three examples of liabilities that might appear in the balance sheet of (1) American Airlines and (2) a professional sports team, such as the Boston Red Sox.