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What is the General Bookkeeping Cycle?

a. 4 Steps
b. 5 Steps
c. 6 Steps
d. 7 Steps

1 Answer

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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.

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