Assets, liabilities, and owners equity are accounting data that are important as they help show the financial position of a person, business, or other organization. Assets are things that you own that have dollar value. Liabilities are the debts you owe. Owners equity (also known as capital) are the difference between the total assets and liabilities. They also share a relation where the three of them can make an equation such as Assets – Liabilities= Owners Equity or even Assets = Liabilities+ Owners Equity.