Instructions For This Deliverable You Will Complete The Acco

Instructionsfor This Deliverable You Will Complete The Accounting Cy

Instructions for this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations. Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include the initial setup of the business, cash and credit sales, making payments to vendors, paying store employees, managing debt. Full instructions attached. There are 11 steps in my accounting workbook. I have completed steps 1-7. I would need 1-7 to be reviewed and corrected. and would need steps 8-11 done completely. Will post actual workbook to the person who accepts my offer. Thank You, Brittany.

Paper For Above instruction

The purpose of this paper is to thoroughly complete and review the accounting cycle for a small business over a three-month period, culminating in the preparation of accurate financial statements. This cyclical process begins with the initial analysis and recording of business transactions, followed by adjusting entries, and ultimately through to the preparation of financial statements, including the income statement, balance sheet, and cash flow statement. The process is complex, requiring meticulous attention to detail, accurate recording, and an understanding of accounting principles to assess how well the business is performing and to ensure compliance with accounting standards.

The initial steps (1-7) have been completed, which likely include the initial setup of accounts, recording of transactions such as sales and payments, and preliminary adjustments. These steps should be carefully reviewed for accuracy, including verifying the correct posting of entries, proper classification of transactions, and consistency in applying accounting principles. Corrections may involve reconciling ledger balances with supporting documentation, adjusting journal entries, and ensuring that all transactions are properly reflected.

Subsequently, steps 8 through 11 need to be completed without omission. These steps involve general ledger adjustments, adjusting entries for accrued and deferred items, the preparation of adjusted trial balances, and ultimately, the creation of financial statements. Accurate financial statements are crucial for evaluating the business’s financial health, compliance with regulatory requirements, and providing insights for strategic decision-making.

The overall goal is to produce clear, accurate financial documentation that truly reflects the business operations during the recorded period. This process involves careful reconciliation, error correction, and adherence to accounting best practices. The completion of steps 8 through 11 will enable you to finalize the accounting cycle by producing statements that give a true representation of the business’s financial position and performance.

Proper documentation and adherence to accounting standards such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards) are essential. These standards guide the classification of assets, liabilities, revenues, and expenses and ensure that financial statements are comparable and reliable.

In conclusion, completing the review of steps 1-7 and finalizing steps 8-11 will allow for a comprehensive accounting cycle process that accurately portrays the business’s financial status. This process is fundamental for internal decision-making, external reporting, and ensuring compliance with standards governing financial accounting. Once completed, the finalized financial statements can be used for strategic planning, investor reporting, or banking purposes, contributing to the overall financial integrity and transparency of the business.

References

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