Which of the statements below is (are) correct regarding the accounting cycle? (Check all that apply.) The accounting cycle takes place anytime the general ledger accounts need adjusting. The cycle contains steps for adjusting and closing accounts. The accounting cycle refers to steps followed by a company to prepare its financial statements. The accounting cycle contains 10 steps. The accounting cycle refers to the steps that occur within a company to approve expenses for payment. The accounting cycle is a series of steps repeated each reporting period