Briefly explain in your own words why you think

Assignment Help Accounting Basics

Reference no: EM133500724

Case: The accounting cycle consists of the following steps:

Start with the beginning account balances.l
Analyze and journalize transactions as they occur.
Post journal entries to the accounts.
Compute the unadjusted balance in each account, and prepare the unadjusted trial balance.
Enter the unadjusted trial balance on the worksheet, and complete the worksheet (optional).
Journalize and post adjusting entries.
Prepare the adjusted trial balance.
Prepare the financial statements.
Journalize and post the closing entries.
Prepare the post-closing trial balance.

Identify one step that you consider most important in the cycle. Discuss the following for that step:

Briefly explain in your own words why you think this is an important step. What would happen if this step was skipped in the cycle?
Have you used a step like this in your personal experience? Discuss this experience. For example, have you ever completed your own personal income statement or balance sheet? NOTE: Please do not provide personal information.

Reference no: EM133500724

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