Which of the following statements is not true?
A) The second step in preparing a balance sheet is to list and total all amounts owed to others.
B) The third step in preparing a balance sheet is to list and total all current and long term liabilities.
C) The third step in preparing a balance sheet is to subtract liabilities from assets to determine net worth.
D) The first step in preparing a balance sheet is to list and total all items of value.