ACC 201 Final Project Part I Accounting Cycle Report / Financial Accounting

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ACC 201 Final Project Part I Accounting Cycle Report  / Financial Accounting

ACC 201 Final Project Part I Accounting Cycle Report  / Financial Accounting

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The purpose of the accounting cycle is to ensure a business keeps its accounting records in an orderly fashion and to report financial information.  The cycle is a series of steps that begin when a transaction happens and ends with its inclusion in the financial statements.  It is important when keeping accurate accounting records because an accurate accounting system keeps everything, and shows how an organization is truly performing, and if the organization is making a profit or taking a loss.