Which best summarizes the steps of the accounting cycle? analyzing transactions, posting, journalizing, financial statement preparation analyzing transactions, journalizing, posting, financial statement preparation financial statement preparation, journalizing, posting, analyzing transactions journalizing, posting, financial statement preparation, analyzing transactions Which of the following best describes generally accepted accounting principles? standards of conduct by which actions are judged as right or wrong IRS tax regulations standards that govern the recording and reporting of business transactions common practices of business management processes