Background: In chapter 9, we focus on customizing and fine tuning with QuickBooks. In addition, we learn about the accounting cycle, in chapter 10. Each step in the accounting (Links to an external site.) cycle plays an important role in creating accurate entries and managing the company's finances each time a purchase is made or revenue is earned. If a company decides to implement an accounting cycle, it is important that each step is followed in the right order.

For discussion, consider the following:

1. Why should businesses follow GAAP and the Accounting Cycle? (give examples to enrich your work),

2. What are some risks involved in choosing not to follow GAAP (give examples if applicable).