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Accounting Cycle
The process of recording, classifying, summarizing, and interpreting financial transactions over a fiscal period, culminating in the preparation of financial statements.
Purchasing Cycle
A series of steps that a company goes through to acquire goods or services, from the identification of a need to the approval of the invoice for payment.
Operating Cycle
The period of time it takes for a business to acquire inventory, sell it, and convert the sale into cash.
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