Identify each statement as true or false. 1. 2. 3. 4. 5. 6. 7. 8. "Journalize the transactions" is the first step in the accounting cycle. Reversing entries are a required step in the accounting cycle. Correcting entries do not have to be part of the accounting cycle. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. All steps of the accounting cycle occur daily during the accounting period. The step of "post to the ledger accounts" occurs before the step of "journalize the transactions." Closing entries must be prepared before financial statements can be prepared.

Identify eachistatement as true or false. 1. Journalize the transactions" is the first step in the accounting cycle. 2. Reversing entries are a required step in the accounting cycle. 3. Correcting entries do not have to be part of the accounting cycle. 4. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. 5. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trialbalance. 6. Alsteps of the accounting cycle occur daily during the accounting period: 7. The step of "post to the ledger accounts' occurs bufore thestep of journatize the transactions:" 8. Closing entries mast be prepared before financial statements can be pepared