Codes of Conduct (Ethics) Are Formalised Rules and Standards That

question 21

True/False

Codes of conduct (ethics) are formalised rules and standards that describe what the company expects of its employees in terms of ethical behaviour.

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Definitions:

Business Entity

An organization established as a separate legal entity for business purposes, which may include corporations, partnerships, and sole proprietorships.

Accounting Purposes

The reason or rationale for recording financial transactions and maintaining financial records, mostly to provide insight into a business’s financial health, comply with legal obligations, and inform decision-making.

Proprietorship

A business entity owned and operated by a single individual, with no legal distinction between the owner and the business.

Corporation

A legal entity that is separate from its owners, with the ability to own assets, incur liabilities, and sell stocks.