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Any type of alcohol (especially beer and liquor). This term is typically used in social contexts--but definitely not at a highbrow cocktail party. Use this term when you don't want to be blatant about your alcohol consumption (in front of parents, grown-ups, etc) or when you just want to sound fratty.
Teenage kid #1: Hey, dude, are we set for the party tonight?
Kid #2: Yeah, don't worry. My big brother already picked up the liquid assets for us.
Kid #1: Sweet. Thanks.
by urbanite2 May 31, 2010
(n.) Assets owned by a person or organisation that can quickly be redeemed for cash (This also includes cash and bank balance).
Debtors do not count as liquid assets because there is no garuantee that cash can be recieved from the.
by Gumba Gumba May 13, 2004