Ethics as a Concept Is Culture Specific.Discuss

question 51

Short Answer

Ethics as a concept is culture specific.Discuss.
Corruption is "giving or obtaining advantage through means which are illegitimate, immoral, and/or inconsistent with one's duty or the rights of others." Corruption often results from patronage.Our modern understanding of business ethics notes that following culturally accepted norms is not always the ethical choice.What may be acceptable at certain points in history, such as racism or sexism, became unacceptable with the further development of society's mind-set.What happens when cultures changes but business practices don't? Does that behavior become unethical, and is the person engaged in the behavior unethical? In some cultures, there may be conflicts with global business practices, such as in the area of gift giving, which has evolved into bribery-a form of corruption.Paying bribes is relatively common in many countries, and bribes often take the form of grease payments, which are small inducements intended to expedite decisions and transactions.In India and Mexico, for example, a grease payment may help get your phones installed faster-at home or at work.Ethics therefore is not an absolute term.It depends on the cultures in which a particular activity is being carried out.The culture decides whether that activity would be considered ethical or not.

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Definitions:

General Journal Entries

The record of financial transactions in the general journal, a part of the double-entry bookkeeping system.

Credit Sale

A transaction in which goods or services are provided to the customer with an agreement to pay later.

Credit Terms

Credit terms are the payment conditions set by suppliers, detailing the period allowed to pay for goods or services purchased on credit, including any discounts for early payment.

Discount Period

The time frame in which a payment can be made at a reduced rate, often related to accounts payable or loan agreements.