An Effective Code of Conduct Has Three Characteristics

question 26

Short Answer

An effective code of conduct has three characteristics. One is that it protects the public rather than members of the organization or profession. What is one other characteristic of an effective code of conduct?

---

Definitions:

Credit Terms

The conditions under which credit will be extended to a borrower, including the repayment schedule, interest rate, and any other terms and conditions.

Periodic Inventory System

A method of accounting for inventory where updates to the inventory records are made periodically, typically at the end of an accounting period, rather than after each transaction.

Net Method

An accounting method where purchases are recorded at their net amount after deducting any purchase discounts.

Credit Terms

Conditions under which credit is extended by a lender to a borrower, including repayment schedule, interest rate, and late penalties.