Your best friend is thinking about opening a business He has never studied accounting and has no idea about the steps that must be followed in order to produce financial statements for his business Instructions Write a memo to your friend that lists and explains each of the steps in the accounting ...

MEMO To Friend From ABC Re Steps in the Accounting Cycle The required steps in the accounting cycle ...

Your best friend is thinking about opening a business. He has never studied accounting and has no

Question:

Your best friend is thinking about opening a business. He has never studied accounting and has no idea about the steps that must be followed in order to produce for his business.
Instructions
Write a memo to your friend that lists and explains each of the steps in the accounting cycle in the order in which they should be completed. Include information on when each of these steps should be done and explain the purpose of the different types of journal entries and trial balances. Your memo should also discuss the optional steps in the accounting cycle?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...