Which of the Following Statements About the Accounting Cycle Is

Multiple Choice

Which of the following statements about the accounting cycle is true?

A) The accounting cycle is the process of recording all economic events that affect the entity.
B) The accounting cycle is the process of entering data into the accounting system to be processed, organized and used to produce financial statements.
C) The accounting cycle is only applicable for entities using accrual accounting.
D) The accounting cycle is completed on a weekly basis.