Problem: Write a memo to Don Jones explaining the financial statements he should prepare at the end of each accounting period. Include a discussion regarding what information each report contains and how Don might use that information to manage his business.
Explain the steps in the accounting cycle.
You need to determine the basic financial statements and comment on each one. Include examples, such as account or account types. You should also discuss why the financial statements are important.
(please do not copy from library, use your own words)