DQ for Fin 324 What are steps of the accounting cycle (answer attached)

Need help with DQ for Fin 324 What are steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all steps were not completed in a specific period?

 

What are the steps of the accounting cycle?

 

Why is it necessary to make adjusting entries at the end of each accounting period?

 

What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?

 

What are some of the items that appear on a company’s balance sheet?

 

Provide and explain an example from the business press that illustrates the consequences of a CPA or public accounting firm rendering an opinion based on unethical practices.