Accounting Environment: the accounting cycle and the 4 types of financial statements
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Objectives: define basic accounting concepts, terminology and transactions. Illustrate the accounting cycle. Describe the four types of financial statements. Explain the importance of ethics in accounting and financial decision making.
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Solution Summary
The brief solution lists the five steps in the accounting cycle, the four financial statements and then provides a paragraph about ethics.
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Accounting Cycle ~ The steps include:
1. Recording daily transactions in a journal.
2. Posting the journal entries to the accounts in the ledger.
3. Preparing and posting adjusting entries.
4. Preparing the financial ...
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