The Belief That Business Should Be Responsible Because Such Actions

question 31

Multiple Choice

The belief that business should be responsible because such actions are right for their own sake is known as which argument for social responsibility?

• A)public expectation
• B)ethical obligation
• C)public image
• D)discouragement of further government regulation
• E)balance of responsibility and power

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Definitions:

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, recorded on the left-hand side.

Utilities Expense

Utilities Expense refers to the cost incurred from the consumption of utilities services like electricity, water, and gas in the course of business operations.

Post-Closing Trial Balance

A list of all accounts and their balances after closing entries are made, verifying the equality of debits and credits.

Balance Sheet

A financial statement that displays the assets, liabilities, and shareholders' equity of a company at a specific point in time, showing the balance of income and expenditure over the preceding period.