Final answer:
It is false that goodwill, notes receivable, and a bank loan are always part of the final accounts on the assets side as fixed assets and liabilities. The classification of these items on a balance sheet varies: goodwill as a fixed asset, notes receivable as current or non-current assets, and a bank loan as a liability.
Step-by-step explanation:
The statement that goodwill, closing balance, notes receivable, and bank loan are always part of the final accounts on the assets side as fixed assets and liabilities is false. These items are classified differently in the balance sheet. Goodwill is indeed an intangible fixed asset, but notes receivable are considered current assets if they are to be collected within a year and non-current assets if longer. A bank loan, on the other hand, is a liability, not an asset. The closing balance doesn't refer to a specific item but is the term used for the final amount in an account after all additions and subtractions have been made.Understanding a balance sheet’s composition is crucial. The left side lists the firm's assets, which are things of value the company owns, while the right side lists liabilities, which are the company's debts and obligations. Net worth or equity is typically represented on the liabilities side and is calculated as total assets minus total liabilities. This is done to ensure the accounting equation balances: Assets = Liabilities + Equity. Therefore, not all items listed are fixed assets or liabilities in a traditional sense.