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Why are there no fronts in hurricanes?
Obligations
Legal or financial duties that one party owes another, such as debt repayment or service delivery.
Operating Cycle
The time it takes for a company to make an initial outlay of cash to produce goods or services and then receive cash back from selling these goods or services.
Accounting Cycle
The sequence of steps followed in the accounting process to record and summarize financial transactions throughout a period and prepare financial statements.
Journalizing Transactions
The process of recording business transactions in the journal as part of the accounting process.
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