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Accounting is defined as the identification, recording and measurement of economic events for the purpose of users decision making. The Accounting cycle is as a

Accounting is defined as the identification, recording and measurement of economic events for the purpose of users decision making. The Accounting cycle is as a step-by-step sequence of process, which inter-relates to each other, to form a full set of financial statement.

a. Depict and explain FIVE (5) elements in the Accounting Cycle. Include relevant examples.

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