You Decide: Is understanding the accounting cycle essential to being a good accountant, or is it a waste of time?
Response to the following problem:
John, a family friend who didn't go to college, was talking to you about his job, as bookkeeper, at a local bookstore. "It is no longer necessary to learn the accounting cycle to be a good accountant," he said. "Computers do most of the work anyway. Unless you work in a small family-owned business, it doesn't make any sense to learn the correct method for posting debits and credits.
If you just understand the financial statements, you will be ok!" Do you agree or disagree? Explain.