Question - Steps in the Accounting Cycle
Your readings for this week, as well as the previous Application, have shown you the accounting cycle. In this Application, you will identify all of the steps in this cycle, and identify the purposes of some of these steps.
Write of at least 250 words) addressing the following points:
• Identify the steps in the accounting cycle and briefly explain each step.
• What role do adjusting entries play in the accounting cycle?
• What are the purposes of closing entries?