True or false. the steps involved in handling all of the transactions and events completed during an accounting period, beginning with placing data in a book of original entry and ending with a post-closing trial balance, are referred to collectively as the accounting cycle.

Explanation:

The process of recording an processing the financial transactions of a company is called accounting cycle, it starts when the the transaction occurs and lasts till the accounts are closed.  The accountants keep  track of the accounting cycle, it repeats itself as long as company stays in business.  The accounting cycle includes all the transactions, debits and credits, journal entries, accounts and adjustment of entries over a cycle. Journal entry is the recording of transaction into a journal, it is the first step of accounting cycle.