What are the steps in completing the accountingcycle? How do the different steps

What are the steps in completing the accountingcycle? How do the different steps affect the financial statements?What is the effect on the financial statements of missing a stepwhen completing the accounting cycle? What are the four closingjournal entries? Why are they necessary? What are reversingentries? Why are they used? What are the pros and cons of usingreversing entries? Why are reversing entriesoptional?