Societal Responsibility Refers to

question 157

Multiple Choice

Societal responsibility refers to

• A) the obligation that organizations have to the preservation of the ecological environment and the general public.
• B) the obligation of a firm to price its products or services at a level whereby the consumer is treated fairly and the firm is still able to make a profit.
• C) the view that an organization has an obligation to those who can affect the achievement of its objectives.
• D) the duty of a firm to maximize profits for its owners or stockholders.
• E) the idea that organizations are part of a larger society and are accountable to that society for their actions.

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Definitions:

Perpetual Inventory System

A system of inventory accounting that immediately logs inventory sales or purchases using computerized point-of-sale systems and software for managing enterprise assets.

Purchases Returns

Transactions involving the return of goods previously bought to the seller, typically due to defects or issues.

Accounts Payable

Liabilities owed by a business to creditors for purchases or services received that have not yet been paid for.

Periodic Inventory System

A method used in accounting to determine inventory levels by taking physical counts at specific periods.