The accounting cycle consists of 10 steps that companies complete during each accounting period to facilitate the preparation of financial statements. The worksheet is an efficient tool companies use to prepare the adjusted trial balance and a draft of the balance sheet, income statement, and statement of owners equity (within the worksheet). Reflect on this week's lecture and assignments. In your own words, answer the following:

Explain why following the steps in the accounting cycle is important.

Describe how the worksheet creates an efficient process in the workplace.