Can liquid assets be converted to cash?

I'm curious, can liquid assets actually be converted into cash with ease? Is the process straightforward, or are there potential roadblocks to consider? What makes an asset "liquid" in the first place, and how does this quality affect its convertibility? Is there a general timeline for this conversion, or does it vary depending on the type of asset and market conditions? Are there any fees or costs associated with converting liquid assets to cash? Understanding these details would help me navigate the process more confidently.