What are the steps in completing the accounting cycle? How dothe different steps

What are the steps in completing the accounting cycle? How dothe different steps affect the financial statements? What is theeffect on the financial statements of missing a step whencompleting the accounting cycle? What are the four closing journalentries? Why are they necessary? What are reversing entries? Whyare they used? What are the pros and cons of using reversingentries? Why are reversing entries optional?