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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 ratio analysis and memo , you will use course-provided information to 1 ) demonstrate the purpose and importance of the ratios used , and 2 ) communicate the results of operations to stakeholders and / or interested parties .
This assessment addresses the following course outcomes : Apply the accounting cycle to business transactions for communicating financial data
Interpret financial statements for informing business decisions
Analyze the importance of industry standards and regulations in the implementation of the accounting cycle in supporting responsible practices Prompt