Summary
You have now concluded Lesson 3: The Traditional Accounting Cycle. You should be able to:
- Define the traditional accounting cycle.
- Identify a trial balance and its function, as it relates to the accounting cycle.
- Identify the types and components of commonly used financial statements.
- List reasons for closing the books, as they relate to the accounting cycle.
- Identify items unique to the accounting cycle used in computerized systems.
What's Next?
Test Your Comprehension
