You are to write a 2-4 page paper explaining the accounting cycle and each of the ten steps. Your paper should be in terms that someone without much knowledge of accounting can understand. You should address what information is needed and how it is processed at each step. Be sure to address the consequences of inaccuracies and the ramifications of omitting any of the steps. An introduction and conclusion should be included in your paper.
This assignment should be typed and follow APA guidelines for document format and citations of resources.
The following checklist will assist you with completing this assignment:
1. Introduction – provide background information and an overview of the accounting cycle
2. The Accounting Cycle: 10 Steps – provide an explanation of each of the ten steps, address the information needed and how it is processed at each step, provide information regarding the consequences of inaccuracies or the affect of leaving out individual steps
3. Conclusion – summarizes the accounting cycle and provides a review of the importance of following the steps and providing accurate financial information