The last four steps in the accounting cycle include preparing the adjusted balance sheet, preparing financial statements, recording closing entries, and recording adjusting entries. True or False True

False<br /><br />The last four steps in the accounting cycle are:<br /><br />1. Preparing financial statements.<br />2. Recording adjusting entries.<br />3. Recording closing entries.<br />4. Preparing a post-closing trial balance.<br /><br />Preparing the adjusted balance sheet is part of preparing financial statements, not a separate step.