Most people have one of two beliefs.
1. Dogs spend most of their life in search of food. This is why they get all excited when you eat something... cuz you might drop something on the floor or break off a piece for them. They also know that if they do the tricks (sit, shake, lay down, etc.) you want, they'll get rewarded with food. So, it could be assumed that dogs pay attention to you and spend time with you because they think that increases their chances of getting food or treats, which is basically their main objective in life.
Similarly, if a dog does something that he thinks you will percieve as "bad" (like if he knocks something off a table), he will cower not because he feels remorse, but because he fears your wrath (yelling, scolding, hopefully not actually hitting, etc.).
2. Dogs experience emotions similar to those of humans, and actually spend time with you because they have fun and want to. If they do something bad, they feel bad, etc.
What do you think?
IronFist