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Scenario C. Candice is an effective and admired leader in her organization, a large bottling company. She breaks down the behaviors she thinks have lead to her success. They are:
1. She expects a lot from her staff. She sets high goals so they need to work hard and be productive while they are at work. She also expects high quality output.
2. Additionally, she works hard to maintain good relationships with each and every employee that she has. She regularly provides praise and seeks ways to help individuals solve problems and reduce stress. She has been told she is easy to talk to.
3. Finally, Candice thinks that it is important to get ‘buy-in' from her employees on many issues, so she solicits input from them on some decisions and really tries to take it into consideration. Sometimes she even meets with the whole group and tries to reach consensus.
-The behaviors in number 2 could be called
GAAP
Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to ensure financial statements are consistent and transparent.
IFRS
International Financial Reporting Standards - a set of accounting guidelines that provide the basis for cross-border financial reporting.
Specific Identification
An inventory valuation method in which the cost of each specific item in inventory is tracked and used to calculate cost of goods sold.
LIFO
Last In, First Out, a method of inventory accounting where items produced last are considered the first to be sold.
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