Final answer:
The statement that is not true regarding assets is 'c) Assets are the amounts a company owes to others,' because assets are resources that a company owns, contributing to its future economic benefits, unlike liabilities which are what a company owes.
Step-by-step explanation:
The correct answer is: c) Assets are the amounts a company owes to others. Assets provide a future benefit to the company, as stated in option d). They can generate revenue, be sold, or be used in the operations of the business.
Assets are resources owned by a company that provide future economic benefits, such as cash, accounts receivable, inventory, and fixed assets. They are crucial for a business as they are used to operate and invest in the future. On the other hand, liabilities represent the obligations a company has to external parties, which is the opposite of what assets represent. In the context of a bank, assets include reserves held at the Federal Reserve, loans made to customers, and securities like treasury bonds. The value of these assets can be greater than the physical cash inside the bank because they include both tangible and intangible items. Meanwhile, liabilities consist of deposits and other debts that the bank is responsible for. The difference between a bank's total assets and its liabilities is known as net worth or equity, and it's vital for assessing a bank's financial health.