Your understanding and the regulations are two different things. For any powered boat under 19'8", this is what you need.
1 approved and properly sized lifejacket (yellow, red or orange) or PFD (personal floatation device) for each person on board
15 m (50') buoyant heaving line
1 manual propelling device [oar] OR anchor with 15 m (50') of cable, rope or chain
1 bailer OR manual pump with enough hose to pump water overboard [Not required for multi-hull vessel that has subdivided multiple-sealed hull construction.]
1 Class 5BC fire extinguisher if vessel has inboard engine OR a fixed fuel tank OR fuel-burning heater, stove, or refrigerator.
1 watertight flashlight OR 3 flares* of Type A, B or C
Sound signalling device (horn)
Navigation lights must comply with Collision Regulations [Not required unless operated at night or in restricted visibility.]
It should also be noted that an anchor with the required length of rope/cable/chain is a far better propelling device than an oar.