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Question
The accounting cycle consists of ______.
Options
Journal
Ledger
Trial balance
All of these
Solution
The accounting cycle consists of a Journal, Ledger and Trial balance.
Explanation:
The accounting cycle consists of several steps, including recording transactions in the journal, posting those transactions to the ledger, and preparing the trial balance to ensure that debits and credits are balanced. Each of these steps is an essential part of the accounting process.
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