Which of the following is NOT a correct expression of the relationship between owner's equity, total assets, and total liabilities?

The correct expression of the relationship between owner's equity, total assets, and total liabilities can be defined by the accounting equation, which states that total assets are equal to liabilities plus owner's equity (or net worth).

In this context, the expression "Owner's Equity + Liabilities = Assets" accurately reflects this foundational accounting equation. This means that when you add the owner's equity to the total liabilities, you arrive at the total assets, validating the fundamental nature of the balance sheet.

On the other hand, the expression that states "Liabilities - Net Worth = Assets" does not accurately represent the relationship. This formulation incorrectly implies that subtracting the net worth from liabilities would yield assets, which contradicts the established accounting principles. In reality, net worth (or owner's equity) is a measure of the residual interest in the assets after liabilities have been deducted, which is not what the equation suggests.

Thus, the reason for identifying the specific relationship is rooted in the foundational principles of accounting, where assets must always equal the sum of liabilities plus owner's equity, making the other expressions valid as they align with these principles.