Q Instructions
In this short paper, you will evaluate the importance of the accounting cycle by illustrating the products of that cycle and identifying the potential for problems if it is not properly followed.
The paper aims to assess the significance of the cycle of accounting. The methods of accounting are used by the firms to monitor the money of the firm and to analyze and track financial transactions. The financial accounting information is used by managers for decision-making for the firm. The cycle of accounting can be regarded as a sequence of activities used by accountants to make general ledger posting, closing the books, transactions recording, and financial documents preparation (Kelchner, 2018).
