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You're "Doing the Books" for a Local Consulting Firm as Part

Question 51

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You're "doing the books" for a local consulting firm as part of an internship. The rest of the consultants don't have much background in accounting; they're very curious about the work you do and your college studies.
-Explain, at a conceptual level, the "accounting cycle." Outline the steps in the cycle for your co-workers; provide a brief explanation of each step.

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Conceptually, the accounting cycle is th...

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