The five major steps in the accounting cycle occur with equal frequency.

Question

BlackTom AI · Accepted Answer

The statement presents a claim about the timing of the five major steps in the accounting cycle and asks whether they occur with equal frequency.
Option 1: True. This would assert that each of the five major steps happens the same number of times within a period. In practice, this is unlikely, because the steps are tied to the accounting period and the volume of activity (transactions, adjustments, closings) can vary. Some steps may occur more frequently (for example, recording daily transactions) while others occur only at period-end (such as adjusting entries and closing entries).
Option 2: False. This option reflects the common understanding that the five major steps do not occur with equal frequency. In many real-world settings, the frequency of each step differs: daily or continuously recording transactions; posting to ledgers might be ongoing; adjusting entries are typically made after the trial balance and before financial statements; closing entries are done at period end; and preparing financial statements aligns with reporting cycles rather than occurring uniformly.
To evaluate the claim, recall that the accounting cycle is a sequence of interrelated tasks that correspond to reporting needs and the timing of the period end. The work pace and cadence of each step depend on the amount of activity, deadlines, and regulatory requirements, which means not all steps are performed at the same rate.
Furthermore, some steps are iterative or happen multiple times within a period (e.g., daily journal entries and postings), while others are fixed at a single point in the cycle (e.g., closing entries). This variability reinforces why the assertion of equal frequency is not accurate.
In summary, the critical idea is that frequency is not uniform across all steps; the cycle is composed of steps whose execution frequency adapts to activity levels and reporting calendars, leading to unequal frequencies across the steps.

The five major steps in the accounting cycle occur with equal frequency.

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