Which action must occur to approve a cardholder statement?

To approve a cardholder statement, it is necessary to select the correct cycle and click on "Approve Statement." This action confirms that the statement has been reviewed and verified, allowing the cardholder to move forward with the approval process.

The approval process typically ensures that all transactions included in the statement are accurate and have been assessed against the institution's policies and guidelines. By selecting the appropriate cycle, the user is identifying the specific timeframe for which the statement is being approved, which is crucial for maintaining accurate financial records.

The other actions listed, such as changing user access levels, deleting the statement entry, or modifying the reporting hierarchy, do not directly contribute to the approval of a cardholder statement. These actions may pertain to user permissions or data management but are not relevant to the process of approving a statement itself.