________ Are the Individuals Primarily Responsible for Ensuring That High

question 46

Multiple Choice

________ are the individuals primarily responsible for ensuring that high ethical principles are espoused and practiced in an organization.

• A) Non-management employees
• B) Mid-level managers
• C) Shareholders
• D) Strategists such as CEOs and business owners
• E) Governmental regulatory bodies

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Definitions:

IFRS

International Financial Reporting Standards, which are accounting rules set by the International Accounting Standards Board (IASB) for the preparation of financial statements globally.

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States.

Notes Payable

Written agreements where a borrower promises to pay back a specified sum to the lender at a future date.

Adjusting Entry

A journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period.