Which of the statements below is (are) correct regarding the accounting cycle?

a. The accounting cycle takes place anytime the general ledger accounts need adjusting.
b. The cycle contains steps for adjusting and closing accounts.
c. The accounting cycle refers to steps followed by a company to prepare its financial statements.
d. The accounting cycle contains 10 steps. The accounting cycle refers to the steps that occur within a company to approve expenses for payment.
e. The accounting cycle is a series of steps repeated each reporting period.

The cycle includes steps to adjust and close accounts. The accounting cycle refers to the steps a company follows in preparing financial statements. The accounting cycle contains 10 steps. An accounting cycle is a series of steps repeated each reporting period.

The accounting cycle is a thorough procedure for finding, evaluating and documenting the company's accounting cases. A typical 10-step process begins when a transaction occurs and ends when it is included in the financial statements. Due to automation, the chances of mathematical errors in the accounting cycle have now slowed down.

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