You Must Lead a Group of Individuals Who Are Having

question 56

Essay

You must lead a group of individuals who are having trouble joining together cohesively.Will you choose to lead in an autocratic,democratic,or laissez-faire style,and why?

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Definitions:

Income Summary

A temporary account used in accounting to aggregate all income and expense accounts for a period, facilitating the transfer of their balances to permanent equity accounts.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.

Income Summary

A temporary account used in closing process to summarize the results of a period's revenues and expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.