According to Which of the Following Ethical Theories Does a Person

question 86

Multiple Choice

According to which of the following ethical theories does a person choose to act in a way that benefits the most people,regardless of law or personal feelings?

• A) Act utilitarianism
• B) Rule utilitarianism
• C) Moral relativism
• D) Virtue ethics

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Definitions:

Closing Entries

The accounting process of transferring temporary account balances to permanent accounts at the end of an accounting period.

Journalizing

The process of recording transactions in a journal before they are posted to ledger accounts.

Posting Closing Entries

The process of transferring the balances of temporary accounts to permanent accounts at the end of an accounting period to prepare the books for the next period.

Financial Statements

Reports that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.