The First Resource for Guidance When a Businessperson or a Professional

question 4

Multiple Choice

The first resource for guidance when a businessperson or a professional accountant faces an ethical problem should be:

• A)Commonly accepted social norms
• B)Corporate and professional codes of conduct
• C)Ethical decision-making frameworks
• D)Commonly accepted philosophical approaches
• E)All of the above

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Definitions:

Net Income

The profit of a company after all expenses and taxes have been deducted from total revenue, indicating the company’s financial performance.

Owner Withdraw

Transactions where the owners withdraw cash or other assets from the business for personal use.

Capital

Financial assets or the financial value of assets, such as cash, that can be used to fund business operations or investments.

Unit Of Measurement

A definite magnitude of a quantity, defined and adopted by convention or by law, used as a standard for measurement of the same kind of quantity.