1. Why do the steps in the accounting cycle have to be done in order? 2. Can I skip or combine any of the steps in the accounting cycle? 3. Why is it important to classify assets and liabilities? The total assets and liabilities do not change on a classified balance sheet versus a regular balance sheet. Isn't it more confusing to the user? 4. Why don't we close all the accounts at year-end? 4. Why don't we close all the accounts at year-end? 5. Why do we list each expense and revenue during the closing process? Wouldn't it be easier to debit a generic revenue account for all revenues and credit a generic expense account for all expenses? 6. Why is proper format, including dollar signs and single and double lines, important