Describe each step of the cycle. Show examples of a journal entry and a T-account in the appropriate places. Describe the necessity for Accruals accounting in the modern business environment

Accounting Cycle

 Write a two-page report to describe the ACCOUNTING CYCLE. Use charts and diagrams. Use the following sub-headings to format your report professionally.

1. Describe each step of the cycle.
2. Show examples of a journal entry and a T-account in the appropriate places.
3. Describe the necessity for Accruals accounting in the modern business environment.