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Which of the statements below are correct regarding the accounting cycle?

Multiple select question.

The accounting cycle is a series of steps repeated each reporting period.

The cycle contains steps for adjusting and closing accounts.

The accounting cycle takes place anytime the general ledger accounts need adjusting.

The accounting cycle refers to the steps that occur within a company to approve expenses for payment.

The accounting cycle refers to steps followed by a company to prepare its financial statements.

The accounting cycle contains $10$ steps $($including an optional step$).$