Final answer:
True, a balance sheet accurately lists assets, liabilities, and owner's equity. Assets are valuables an entity owns, liabilities are debts owed, and net worth is assets minus liabilities. A bank's balance sheet follows this principle, showing a bank's financial status through assets like cash, loans, and securities, against liabilities and bank capital.
Step-by-step explanation:
A balance sheet represents a systematic listing of the assets, liabilities, and owner's equity at the time it is made; this statement is true. An asset is something of value that is owned and can be used to generate further value. Cash that can be used to pay for tuition or a home are examples of assets. On the other hand, liabilities represent debts or obligations, such as mortgages on a home. When subtracting liabilities from assets, you derive the net worth, also known as owner's equity or bank capital in the context of a bank.
The structure of a bank's balance sheet mirrors this concept, where the assets might include cash in vaults or reserves held at the Federal Reserve bank, loans made to customers, and securities purchased, such as U.S. Treasury bonds. Liabilities mainly consist of deposits made by customers. The 'T-account' is a representation used to show this balance, with assets on the left and liabilities, plus net worth, on the right, where assets should always be equal to liabilities plus net worth.