Posted: January 6th, 2017

Which of the steps in the accounting cycle are performed only at the end of the accounting period?

Respond to the following questions using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question.

1. Question 1:
   • Proficient:
     • Describe the steps in recording and posting the effects of a business transaction and provide some examples of source documents used in these steps.
     • Define debit and credit and name the types of accounts that are (three correct responses):
       • Increased by a debit.
       • Decreased by a debit.
       • Increased by a credit.
       • Decreased by a credit.
   • Distinguished:
     • Correctly identify all of the types of accounts on the list.
2. Question 2:
   • Proficient:
     • Which steps in the accounting cycle are performed throughout the accounting cycle?
     • Which of the steps in the accounting cycle are performed only at the end of the accounting period?
   • Distinguished:
     • Many of the steps in the accounting cycle can be performed on a computer with an accounting software package. Research three of the most commonly used packages and decide which one you would choose if you were starting a small business this year.