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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?
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The article explains the nine steps of the accounting cycle in brief. The importance of these steps and the manner in which they impact the financial statements f the entity has been discussed. The strategies that can be implemented for avoiding errors have also been discussed. Finally, the financial statements and their importance have also been mentioned.
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