ACCT 2101 Lecture 3: Chapter 3: Accounting Cycle: Accounting Period

“Journalize the transactions as they occur” is the step of the accounting cycle that is not completed at the end of the accounting period. True or False?

The accounting cycle consists of 10 steps that companies complete during each accounting period to facilitate the preparation of financial statements. The worksheet is an efficient tool companies use to prepare the adjusted trial balance and a draft of the balance sheet, income statement, and statement of owner’s equity (within the worksheet). Reflect on this week's lecture and assignments.

Explain why following the steps in the accounting cycle is important.

Describe how the worksheet creates an efficient process in the workplace.