Ethical Issues Are Generally Based on What

question 91

Multiple Choice

Ethical issues are generally based on what?

• A) Social responsibility
• B) Individual ethics
• C) Laws
• D) Societal norms
• E) Stakeholder returns

---

Definitions:

Income Statement Approach

A method used to determine income tax liabilities by examining the revenues, expenses, gains, and losses reported on a company's income statement.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Bad Debts

Accounts receivable that a company does not expect to collect and therefore writes off as a loss.

Allowance for Doubtful Accounts

A contra-asset account that estimates the portion of accounts receivable which may never be collected.