Is this statement for the First Law of Thermodynamics correct?
You can think of the first law of thermodynamics as an energy accounting method. It says that all inputs and outputs of energy should add up to the total change in the energy of a system. The exchanged energy is generally classified as work or heat. By "energy can neither be created nor destroyed," it is meant that nuclear reactions, in which the structure of nuclei changes with accompanying transformation of matter into energy and vice-versa, will not be considered. The reactions considered are ordinary chemical reactions involving making and breaking of chemical bonds resulting from interactions between electrons and nuclei.