On which accounting principle is the first step of the accounting cycle based

There are 9 teps in the account cycle:

1. Record journal entries

2. Post entries to ledger

3. Prepare unadjusted trial balance

4. Adjust journal entries

5. Prepare adjusted trial balance

6. Record reversing entries

7. Prepare post-closing trial balance

8. Record closing entries

9. Prepare financial statements

The accounting cycle that allows a business to record all business transactions that eventually lead to preparation of their financial statements. This information is used for record keeping purposes of expenses and revenues.

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