An accounting cycle is a group of accounts that are linked by various transactions. In other words, financial statements comprise various accounts and every transaction affects one or more than one account, so for analysis of these accounts, they are grouped together and termed as accounting cycles. To select: The items of the accounting cycle and its associated accounts.

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Chapter 5, Problem 56RSCQ

To determine

Introduction: An accounting cycle is a group of accounts that are linked by various transactions. In other words, financial statements comprise various accounts and every transaction affects one or more than one account, so for analysis of these accounts, they are grouped together and termed as accounting cycles.

To select: The items of the accounting cycle and its associated accounts.

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