What are the major products of the accounting cycle

ACC 201 Module Two Short Paper Guidelines and Rubric Overview: 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. Prompt: In a well-crafted short paper, respond to the following questions:    What are the steps of the accounting cycle? Describe each in your own words using specific examples. What are the outputs of the accounting cycle? Why are they important? Identify and explain the purpose of each financial statement, including how they are interrelated. Why is the accounting cycle important to a business? Evaluate the significance of the accounting cycle in terms of its practical relevance for businesses. In your response, be sure to give specific examples of why certain steps are necessary. Address at least three different steps in your evaluation. Rubric Guidelines for Submission: Your paper should follow the formatting guidelines in the Module Two Short Paper Template. It should be a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch margins, and references to the textbook content cited in APA format. Critical Elements Steps Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Meets “Proficient” criteria and demonstrates keen insight into the sequence and interrelationships between the steps of the accounting cycle Describes each of the steps of the accounting cycle in own words using specific examples Describes the steps of the Does not describe the steps of accounting cycle, but fails to fully the accounting cycle or accurately identify each using own words and specific illustrating examples 30 Outputs Meets “Proficient” criteria and demonstrates nuanced understanding of the products of the accounting cycle Identifies and explains the purpose of each financial statement created by the accounting cycle, including their interrelationships Identifies the purpose of each Does not identify the purpose of financial statement created by each of the financial statements the accounting cycle, but fails to created by the accounting cycle fully or accurately explain each, including their interrelationships 30 Significance “Meets Proficient” criteria and demonstrates deep appreciations of the significance of the accounting cycle Evaluates the significance of the accounting cycle for businesses, including at least three specific examples of why certain steps are necessary Evaluates the significance of the Does not evaluate the accounting cycle for businesses, significance of the accounting but fails to fully or accurately cite cycle for businesses specific examples of why certain steps are necessary 30 Articulation of Response Submission is free of errors Submission has no major errors related to citations, grammar, related to citations, grammar, spelling, syntax, and organization spelling, syntax, or organization and is presented in a professional and easy-to-read format Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 10 100% Running head: ACC 201 MODULE TWO SHORT PAPER 1 (This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.) Review the Module Two Short Paper Guidelines and Rubric document to see how your paper will be scored. Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab. Notes on APA in a Formal Assignment • Use one-inch margins on all sides. • Use 12-point Times New Roman font with double spacing. • Paragraphs should be at least three to four sentences in length. • Delete the headings for “Introduction” and “Conclusion” in the template. These headings are included below to help you lay out your paper. APA format assumes that the introduction begins the paper, the body continues the paper, and the conclusion wraps up the paper, so those headings are not needed. • Indent the first line of every paragraph by 0.5”. • Be careful not to use personal pronouns such as “I.” • Make sure to delete headings such as Paragraph One, Paragraph Two, and so on. • Be sure to replace all of the guidelines text in brackets with your own writing. ACC 201 Module Two Short Paper 2 ACC 201 Module Two Short Paper: The Accounting Cycle [Your Name] Southern New Hampshire University ACC 201 Module Two Short Paper 3 Introduction (delete this heading in your final paper) [In your opening paragraph, very briefly introduce the purpose of your paper. Recall that you will be discussing the accounting cycle in keeping with the key terms of steps, outputs, and importance, as explained in your rubric instructions. Three or four sentences will be sufficient.] Paragraph One (delete this heading in your final paper) [Using your textbook and other provided course resources, identify the steps of the accounting cycle. Provide a description of each step in your own words, using specific examples.] Paragraph Two (delete this heading in your final paper) [Identify and describe the major products of the accounting cycle. Why are they important? Explain the purpose of each financial statement, including how they are interrelated.