Chapter 4, Problem 8DQ

(a)

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

The most important output of the accounting cycle.

(b)

To determine

To Explain: Whether all the companies have an accounting cycle.