Types of groups
Identify and describe 4 types of groups; provide examples.
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Four types of groups include transitory group, recurrent group, formal group and informal group. Transitory group is a group in which a group of people happen to be at a same place at a particular time but the interaction between them is minimal example: people getting onto the same escalator. Recurrent group is a group in which people meet regularly. Example: a hockey team. A formal group is a group that has set out some rules and regulations, they hold meetings and each member has a defined role. Example: Spanish Club. An informal group is a group that has no written rules and regulations. Example: a group of friends.
A journal entry that moves the effects of revenues or expenses to the owners' equity account. Only temporary account that is on the income statement is closed. The purpose of a closing entry is twofold. First, it moves revenue to retained earnings on the balance sheet
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