Despite having tax advantages over a partnership or sole proprietorship, corporations find it difficult to raise funds and transfer ownership compared to other forms of business organizations. * True False The accounting cycle starts with the identification of business transactions that have an impact on the company's financial position. * True False If a company receives $24,000 cash from a customer against a consulting service, it will debit Cash $24,000 and Credit Service Revenue by $24,000.* True False The accounting cycle consists of journaling the financial transactions of a company followed by posting these transactions in the general ledger, preparing the adjusting entries, then the adjusted trial balance, and finally the trial balance which helps in the preparation of the financial statements.* True False