What are the steps of the accounting cycle? Describe each in your own words using specific examples.

What are the outputs of the accounting cycle? Why are they important? Identify and explain the purpose of each financial statement, including how they are interrelated.

Why is the accounting cycle important to a business? Evaluate the significance of the accounting cycle in terms of its practical relevance for businesses. In your response, be sure to give specific examples of why certain steps are necessary. Address at least three different steps in your evaluation.