The Level of Responsibility That Leads to Obedience of the Law

question 133

Multiple Choice

The level of responsibility that leads to obedience of the law is what level of social responsibility?

• A) Economic responsibility
• B) Legal obligation
• C) Ethical responsibility
• D) Philanthropic goodwill

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Definitions:

Provision For Inventories

An accounting practice where a reserve is made for potential decreases in the value of a company’s inventory.

Inventories Losses

Reductions in the amount or value of inventories due to factors such as deterioration, obsolescence, or theft, resulting in financial loss.

Lower Of Cost

An accounting principle requiring that the inventory is recorded at the lower of its cost or the current market value.

Net Realisable Value

The estimated selling price of goods, minus the costs of their completion and the costs needed to make the sale.