Introduction

In your opening paragraph, very briefly introduce the purpose of your paper. Recall that you will be discussing the accounting cycle in keeping with the key terms of steps, role, omission, and finally financial statements, as explained in your rubric instructions. Three or four sentences are sufficient.

Paragraph One

Using content from your accounting cycle workbook submitted in Final Project Part I and from your readings in Chapter 4 of the textbook, identify the steps of the accounting cycle. Provide a description of each step. Also, discuss what role each step plays in the success of a business.

Paragraph Two

Describe how the omission of a step could impact the success of a business. What strategies could be used to avoid this? Include in your discussion the omission of at least three different steps. A minimum of five to six sentences is required to support your thoughts. Focus your thinking around the role of each step, as discussed in the previous paragraph, and how its omission will impact the success of a business.

Paragraph Three

Identify and describe the major financial statements that come out of the accounting cycle. Why are they important? A minimum of five to six sentences is required to support your thoughts. Be specific in your answer and use examples to support your thoughts.

Conclusion

The conclusion reminds the reader what your paper is about and allows you to make a final point without introducing new information. Three or four sentences are sufficient.