Back in Chapters 2 and 3 we covered the Accounting Cycle. The cycle presented initially had 6 steps in it (Measuring External Transactions). Other Accounting Cycles can show up to 10 steps. For this assignment, after reading through the instructions including the rubric, complete the following: Step 1 – Review the following discussion, The Accounting Cycle: 9-Step Accounting Process. https://www.accountingverse.com/accounting-basics/accounting-cycle.html the link for the articlle Step 2 –Address the following items. Each should amount to at least a paragraph to adequately answer. These are not meant to be two-word responses. Your discussion should be at least 500 words. What steps are the same between the two cycles? What steps differ, particularly with the 9 Step Cycle having so many more? Do you believe one Cycle to be more accurate than the other? Why or Why not? Why do you believe there are Accounting Cycles that vary on the number of steps? Step 3 – Respond to another student’s posting. Specifically address whether you agree or disagree with that student’s take on one Accounting Cycle being more accurate than the other (Item #3 above). Your response should be at least 100 words. To maximize your grade potential, make sure: All requirements for the assignment were met: There is an initial posting and a response to another’s posting. The initial posting is at least 500 words in length.

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1 The entire accounting cycle is based on its general definition which says that accounting is an art of recording classifying summarizing and interpreting numerical data to measure the financial posi... View the full answer