Now that you have completed the first four chapters covering the accounting cycle, you should have an understanding of the basic foundation of accounting. The ten steps to the accounting cycle are crucial to the success and accuracy of preparing financial information for internal and external stakeholders.
When sharing information about your studies with your friends and family, suppose one of them asks you about your accounting course. How would you explain each of the steps of the accounting cycle to them if they have little or no knowledge of accounting?
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.
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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:
- Introduction – provide background information and an overview of the accounting cycle
- 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
- Conclusion – summarizes the accounting cycle and provides a review of the importance of following the steps and providing accurate financial information
Also, make sure the paper provides these critical elements:
- Write your original response in Standard English, paying special attention to grammar, style and mechanics.
- Respond to the questions in a thorough manner, providing specific examples of concepts and topics from the checklist.
- Ensure that your viewpoint and purpose are clearly stated.
- Demonstrate logical and appropriate transitions from one idea to another.
- Your paper should be highly organized, logical and focused.
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