Final answer:
The first step in the accounting cycle is the journalizing of transactions and selected other events.
Step-by-step explanation:
The subject of this question is Business. The first step in the accounting cycle is the journalizing of transactions and selected other events. Journalizing involves recording transactions in a journal or a general ledger. This step is crucial as it helps in the accurate recording of financial transactions, making it easier to analyze and prepare financial statements.