A business entity has only one accounting cycle over its economic existence.

Name: A business entity has only one accounting cycle over its economic existence.
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Question

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A business entity goes through multiple accounting cycles over its economic existence, which typically include recording transactions, adjusting entries, preparing financial statements, and closing entries. The frequency of these cycles may vary depending on the accounting period used by the entity, but they occur more than once.

A Business Entity Has Only One Accounting Cycle Over Its