Concept:
Arishta is a type of Ayurvedic dosage form.
Step 1: Arishta preparations are liquid formulations.
Step 2: They are prepared by fermentation.
Step 3: Fermentation produces self-generated alcohol that helps extraction and preservation.
Step 4: Hence, Arishtas are fermented liquid preparations.
\[
\boxed{\text{Fermented liquid preparations}}
\]