Final answer:
The statement is false; companies use historical cost rather than market value to maintain accounting records because it's more reliable. T-accounts in accounting reflect assets and liabilities which are balanced by net worth.
Step-by-step explanation:
The statement that companies maintain accounting records that show assets at the amount of their market value because that information is more relevant than the historical cost is false. Generally, firms use the historical cost principle to value and record assets in their accounting records. Historical cost is considered more reliable than market value because it represents the actual price paid or received in the transaction.
However, it is important to note that the relevance of market value can vary. Some financial instruments, like those held by banks, may be reported at market value if they are intended to be traded. When a firm uses T-accounts, the assets on the left side represent financial instruments like loans made by the bank and U.S. Treasury bonds purchased. On the right side, liabilities include deposits made by others, and the net worth represents total assets minus total liabilities, which balances the T-account to zero.