Explore BrainMass

Explore BrainMass

    Accounting Environment: the accounting cycle and the 4 types of financial statements

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com November 30, 2021, 12:13 am ad1c9bdddf
    https://brainmass.com/business/the-accounting-cycle/accounting-environment-the-accounting-cycle-and-the-4-types-of-financial-statements-28749

    Solution Preview

    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 ...

    Solution Summary

    The brief solution lists the five steps in the accounting cycle, the four financial statements and then provides a paragraph about ethics.

    $2.49

    ADVERTISEMENT