Liability :

Obligation we need to pay it to

others. Ex : Deposits of customers.
Expense :
Recurring (Repeating) in nature.
Purchase for the purpose of resale
(here benefit is less than a year).
Expenditures of day to day activities
of an individual. Ex: Movie ticket,
transportation expenses.
Benefits is of short term (less than a
year).
For a bank, examples are borrowing
from RBI,
Payment outflow. It is of two
categories.
Ex : Wage of an employee,
Asset :
Non-recurring in nature.
Benefits is of long term (more than a
year)
Ex : Furniture bought for the use of
the bank.

Income :
Any money generated on the basis
of day to day activities. Not all
inflows are income, it can be
liabilities. For a bank, Interest
received on loan lent.