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Acc 201 Final Project Part 1 Accounting Cycle Report

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Running head: ACC 201 FINAL PROJECT PART I ACCOUNTING CYCLE REPORT 1
ACC 201 Final Project Part I Accounting Cycle Report Lauren Woodmansee
Southern New Hampshire University ACC 201 Final Project Part I Accounting Cycle Report 2
The purpose of this paper is to analyze and explain the steps of the accounting cycle. What each step represents and how it effects the growth of the business. As well as discussing the steps, roles, omission, and financial statements and their importance to the business.
The accounting cycle is the process by which companies produce their financial statements for a specific period. (Page 199) There are ten steps that are followed throughout the time period.
1. Start with the beginning account balances.
2. Analyze and journalize transactions as they occur.
3. Post journal entries to the accounts.
4. Compute the unadjusted balance in each account and prepare the unadjusted trial balance.
5. Enter the unadjusted trial balance on the worksheet and complete the worksheet. 6. Journalize and post adjusting entries.
7. Prepare the adjusted trial balance.
8. Prepare the financial statements.
9. Journalize and post the closing entries.
10.Prepare the post-closing trial balance.
Steps one through three are completed during …show more content…

If the accounts are not properly calculated, then they will not show the true financial state of the business. When the accounts are not properly placed when doing the trial balance, then the credits will not equal the debits which indicates there’s a problem. When accounts are not adjusted, the total balance will not be correct. It is important to follow the steps properly and check your calculations. If accounts are calculated incorrectly, the may show you there is a financial risk that is not there or show you that there is not a risk when there really is. Proper omission of the steps is important so that the accounts show the right financial state of the

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