Meredith and Sally Had a Major Argument While Designing the Interiors

question 63

Multiple Choice

Meredith and Sally had a major argument while designing the interiors of a restaurant.The conflict was finally settled when Meredith gave in completely to Sally in an unselfish manner.In this situation, Meredith used the _____ style of conflict resolution.

• A)accommodating
• B)compromise
• C)collaborating
• D)competing
• E)avoiding

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Definitions:

Temporary Accounts

Accounts in accounting that are used to track transactions within a financial period, which are then transferred to permanent accounts at the end of the period.

Interest Expense

The cost incurred by an entity for borrowed funds, which may include the cost of bonds, loans, convertible debt, and lines of credit.

Interest Payable

The amount of interest expense that has been incurred during a period but not yet paid to creditors.

Adjusting Journal Entry

A type of entry made in the books of accounts to correct or update the financial statements to more accurately reflect the financial position of the business.