Complete the steps in the accounting cycle in order to prepare the financial statements.

  • describe the purpose of the accounting system
  • describe the purpose of journals and ledgers and their relationship
  • describe the impact of technology on the accounting process
  • identify and explain the advantages and disadvantages of different types of accounting systems
  • differentiate between accounting and bookkeeping
  • analyze and describe how business transactions impact the accounting equation
  • apply the double-entry system of accounting to record business transactions and prepare a trial balance
  • explain the need for adjusting entries and record adjusting entries
  • explain the purposes of the closing process and record closing entries
  • prepare the financial statements for the different types of business operations and ownership structures
  • describe the relationship between the closing process, the financial statements, and the post-closing trial balance

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