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

question 39

Essay

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.

---

Definitions:

Personal Space

The physical area surrounding an individual that is considered personal or private, into which others cannot intrude without causing discomfort.

Geographic Component

Elements related to or determined by the physical location, features, and spatial relationships on Earth.

Interpersonal Relations

The interactions and associations between two or more people, including relationships of all forms.

Equity Theory

A concept in social psychology that posits individuals assess their relationships by analyzing the balance between their inputs (such as effort, time, money) and the outcomes (rewards, recognition) they receive, compared to others.