Final answer:
It is false that a firm should offset liabilities against assets when listing on a balance sheet. Assets must always equal the sum of liabilities plus net worth, with all items listed separately to provide a clear financial snapshot.
Step-by-step explanation:
The statement that when listing its assets, a firm should offset all liabilities secured by property, plant, equipment, and natural resources against these assets is false. In accounting, a balance sheet lists assets and liabilities separately to provide a clear picture of a company's financial position at a specific point in time. The equation that always holds true in a balance sheet is that assets equal liabilities plus net worth (or equity). For a bank, assets would include reserves, loans made by the bank, and U.S. Government Securities, while liabilities include deposits and any money the bank owes. The net worth is the difference between total assets and total liabilities, and it is reflected on the liabilities side to ensure the balance sheet balances.