Final answer:
The General Bookkeeping Cycle consists of 7 steps that are crucial for maintaining accurate financial records and preparing financial statements for a business.
Step-by-step explanation:
The General Bookkeeping Cycle typically involves 7 steps. These steps are critical to ensuring accurate financial records and include: identifying the transactions, recording transactions in journals, posting to the general ledger, preparing a trial balance, making adjusting entries, preparing financial statements, and closing the books. The cycle repeats every accounting period to maintain up-to-date and accurate financial information for a business.