Task 4: accounting Cycle

From the first day of the month to the end of the accounting year, a transaction goes through many steps until it reached the end-user of the financial statements. In detail, describe the accounting cycle steps.

Task 5:

Briefly explain the following by providing the meaning of the concept and list 2 benefits for each concept. Provide one example of each:

1. Double-entry system.
2. Account payable.
3. GAAP