The words "asset" and "liability" are two very common words in accounting. Liabilities are legally binding obligations that are payable to another person or entity. Accounts payable, loans, mortgages, deferred revenue,... come under liabilities.
The Indus Valley Civilization which is also known as Bronze age civilization started around 3300 BC and flourished in between 2600 - 1900 BC and started to decline in 1800 BC.