Well, yes and no. In the UK at least there is an accounting definition of capital versus revenue expenditure.
Capital expenditure is defined as the acquisition or substantial enhancement of an asset. Revenue expenditure refers to ongoing maintenance and running costs. For example, buying a car is a capital expense, but putting fuel into it is a revenue cost.
This means that the opposite of an asset isn't always a liability. It can be a cost - eg a running cost (which is not necessarily a liability).
I'd be fine with either cost/asset or liability/asset. They mean slightly different things, but either is technically correct. It depends what you are trying to say.
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