Hi Pranav Teja Kasinadhuuni,
Asset counters - Counters are the parameters which are tracked by business for taking critical maintenance decision.
You service your car every 10,000 Kms. So for a car odometer measuring distance traveled is a counter. As soon as you reach 10,000 Kms critical decision is taken to change car engine oil.
Similarly in mechanical industry there can be numerous counters for assets based on type of asset and industry domain in which it is operated. Below is one example from textiles industry,

Maintenance checklist template - Template can be created from checklist made manually in job type defaults in orders to be used for future similar job types.
Counter in maintenance checklist template - Counter in the template are used to define if counter reading are to be taken while processing work order. Below I created a counter card production. Once this asset produces 700 kg of material its wires are to be replaced.

Process maintenance checklist in work order life cycle state and its functionality - The check box controls if this checklist processing.