The Following Three Standards Make Up the Moral Standards Approach

question 13

Multiple Choice

The following three standards make up the moral standards approach:

• A)Utilitarian, Individual rights, and Justice
• B)Utilitarian, Individual rights, and Fairness
• C)Legal, Individual rights, and Justice
• D)Utilitarian, Moral rights, and Justice
• E)Legal, Moral rights, and Justice

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Definitions:

Percentage-of-Completion

An accounting method that recognizes revenue and expenses of long-term projects as a percentage of work completed during the period.

Product Costs

Costs directly associated with the production of goods, including materials, labor, and overhead expenses.

Inventoriable Costs

These are costs associated with the acquisition or production of goods, which are initially recorded as inventory on the balance sheet and expensed as cost of goods sold when the goods are sold.

Direct Costs

Expenses that can be directly linked to the production of specific goods or services, such as materials and labor.