Solution-Financial statements that come out of the

Financial statements that come out of the accounting cycle

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Reference no: EM131760792

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Step1) journal entries.
Step2) ledger accounts.
Step3) unadjusted trial balance.
Step4) trial balance
Step5) adjusted entries.
Step6) adjusted trial balance
Step7) temporary income statement accounts
Step8) post-closing trial balance
Step9) temporary adjusting entries

Please prepare a brief report that lays out the steps of the accounting cycle above, explaining what each step does, why it is important to the success of a business, and what financial information is produced at the end of the cycle.

Accounting Cycle Report

a) Identify the steps of the accounting cycle and provide a description of each step.

b) What role does each step play in the success of a business?

c) How could the omission of a step impact the success of a business? What strategies could be used to avoid this?

d) What are the major financial statements that come out of the accounting cycle? Why are they important?

Reference no: EM131760792

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Financial statements that come out of the accounting cycle

Reference no: EM131760792

Reference no: EM131760792

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