The organization is interested in expanding to a larger location and needs to obtain a bank loan. Part of the loan requirement is to present the complete financial statements and to write a business plan. In this assignment you will help the client complete the accounting process and write the business plan.

Define accounting, its uses, and the role of accountants in business

Explain how accounts are classified.

Explain the steps in the accounting cycle and how to prepare correcting entries.

Apply accounting principles to properly record each classification and subclassification of accounts.