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One of the measures of success in any business is profitability . All successful managers and business owners must have an understanding of how to assess the profitability of a company . This is done through the use of accounting
By working through the accounting cycle , you will understand how money flows through a company and what other components are included in the assessment of profitability and financial stability . Using this information can also help you determine whether or not the organization can afford to stay open employing current practices . The accounting information helps you determine what types of changes might need to be made to allow the organization to become profitable if it is currently struggling financially . This process also helps you understand the level of commitment to attention to detail that is required in a successful business venture
In the accounting workbook , you will use course-provided information to 1 ) analyze business transactions in accordance with industry standards and regulations to determine their effect on the financial well-being of the organization , and 2 ) create and use financial statements to assist in the assessment of company success
To do this , you will follow the business transactions for a six-month period from that initial stage of analysis and recording , through the reporting process . These transactions will include the initial setup of the business , sales , purchases , making payments to vendors , paying store employees , and managing debt . You will prepare financial statements that will allow you to assess how profitable the business is .
This part of the final project addresses the following course outcomes :