When Ethical Principles Are Chosen as a Basis of What

question 48

Multiple Choice

When ethical principles are chosen as a basis of what is considered right,regardless of society's views,the ______orientation has been used.

• A)Law and order
• B)Universal ethical principles
• C)Mutual interpersonal
• D)Social contract
• E)Exchange

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Definitions:

Cost Flow Assumption

An assumption about how costs are removed from inventory and reported as cost of goods sold, influencing how inventory and profits are accounted for.

Variable Costing

An accounting method that only includes variable costs in product costs and treats fixed costs as period expenses.

Fixed Production Costs

Expenses that do not change with the level of production, such as rent for factory premises, salaries of permanent staff, and depreciation of machinery.

Inventory Cost

The total cost associated with acquiring, storing, and managing inventory, including purchase prices, storage costs, and shrinkage.