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