The basic accounting equation is: (4.) = (5.) + (6.) 4. A. assets B. liabilities C. owner’s equity
5. A. liabilities B. owner’s equity C. assets
6. A. owner’s equity B. assets C. liabilities

4) Assets - Are important and can be anything valuable, that benefits you and your business.

5) Liabilities - Are the sum of money that is owed, and this is obviously not a good thing for you.

6) Owner's Equity - Is the money that you would actually have as a result of paying off all debts and converting all assets into spendable cash.

I gave my own take on what each are in order to explain them to you. Hope this makes sense :)

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