What are the stages of team development?
What will be an ideal response?
A key aspect of group development is the passage of time. Groups pass through critical periods, or times when they are particularly open to formative experiences. The first critical period is in the forming stage, at the first meeting, when rules and roles are established that set long-lasting precedents. A second critical period is the midway point between the initial meeting and a deadline (for instance, completing a project or making a presentation). At this point, the group has enough experience to understand its work; it comes to realize that time is becoming a scarce resource and the team must "get on with it"; and enough time remains to change its approach if necessary. In the initial meeting, the group should establish desired norms, roles, and other determinants of effectiveness. At the second critical period (the midpoint), groups should renew or open lines of communication with outside constituencies. The group can use fresh information from its external environment to revise its approach to performing its task and ensure that it meets customers' and clients' needs. Groups that deteriorate move to a declining stage, and temporary groups add an adjourning or terminating stage. Groups terminate when they complete their task or when they disband due to failure or loss of interest and new groups form, as the cycle continues.
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The fraud triangle includes all of the following EXCEPT:
a. Validation b. Perceived opportunity c. Rationalization d. Perceived pressure
The auditor compares the total likely misstatements to each significant segment of the financial statements, such as total current assets, total noncurrent assets, total current liabilities, total noncurrent liabilities, owners' equity, and pretax income, to determine if they are, in aggregate, material to the financial statements
a. True b. False Indicate whether the statement is true or false
Interest expense is not:
A. Incurred on current liabilities. B. Reported on the income statement. C. Likely to fluctuate when sales change. D. A fixed expense. E. A factor in determining a company's borrowing risk.
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000,
$60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 1 during the period for direct labor is: A) Work in Process--Department 1 60,000Wages Payable 60,000 B) Wages Payable 125,000Work in Process--Department 1 125,000 C) Work in Process--Department 1 125,000Wages Payable 125,000 D) Wages Payable 60,000Work in Process--Department 1 60,000