Pick One Skill from Each of the Three Columns in Table

question 6

Essay

Pick one skill from each of the three columns in Table 4.1 that you have used in leading a group. Write about how effective each of the three skills were when used in the group, and how each of the skills could have been used in other places during the group's meeting.

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Definitions:

Expenses

Costs incurred by a business or individual in the process of earning revenue, ranging from utilities to salaries.

Drawing Account

An account used to record withdrawals made by an owner from the business for personal use.

Owner's Capital Account

An equity account that represents the owner's invested capital plus any retained earnings or minus any withdrawals.

First Closing Entry

The first journal entry in the closing process that transfers revenue and the expense account balances to the owner’s capital account as either a net income or a net loss.