In this short paper, you will evaluate the importance of the accounting cycle by illustrating the products of that cycle and identifying the potential for
problems if it is not properly followed. There is only one short paper assignment in this course, and it has a unique purpose: You can think of this exercise as
establishing the conceptual framework for your remaining work in the problem sets and Final Project I. Essentially, in those activities, you will be engaging in the
specific tasks of the accounting cycle and applying detailed processes on a practical level. Therefore, it is important to grasp the larger picture in this short paper
so that you will be able to connect these smaller tasks and details and recognize their larger significance.