Jenny Is the Owner-Manager of a Small Accounting Practice

question 50

Essay

Jenny is the owner-manager of a small accounting practice.She holds bi-weekly employee meetings to cover company goals, focus points for the future and keep the employees updated on current tax changes.She has developed significant bonds with the employees so they share work (and personal) problems with her more than in the past.Often Jenny can be found assisting new clients and aiding in paperwork completion especially around 15 April.What type of leadership style(s) does Jenny display and how?

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Definitions:

Reference Column

A column in financial documentation used to indicate a source document or correlation with another piece of data, aiding in tracking and auditing.

Trial Balance

A trial balance is a bookkeeping report that lists the balances in each of an organization's general ledger accounts, typically used to check the mathematical accuracy of bookkeeping entries.

Incorrect Account Titles

Errors in the naming or categorization of accounts in the financial records, which can impact the accuracy of financial reporting.

Journalizing

The entering of transaction data in the journal.