ACC 561 Week 1 Discussion: Introduction to Financial Accounting and Reporting
Discussion Topic for ACC 561 Week 1 Discussion
Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.
The steps in the accounting cycle and the annual period will be identical, but the methodologies used, such as for inventory calculation will be different. In other words, while the accounting cycles are identical, methods used in determining adjustments will be different based on the type of company.
While this describes the process as monthly, remember that anything less than a year is an interim statement. While used internally, external users do not use these statements that much as they are subject to a great deal of seasonal variation.
Why is it important that the steps are the same?
Reply to at least 2 of your classmates. Be constructive and professional in your responses.
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