A Structured Set of Principles That Defines What Is Moral

question 75

Multiple Choice

A structured set of principles that defines what is moral is referred to as:

• A)a norm system.
• B)an ethical system.
• C)a morality guide.
• D)a value inventory.

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Definitions:

Impairment Loss

A charge to the income statement that occurs when the carrying amount of an asset exceeds its recoverable amount, indicating the asset is not expected to generate future economic benefits.

Recoverable Amount

The higher value between an asset's fair value less costs to sell and its value in use.

Carrying Amount

Carrying amount is the value at which an asset is recognized in the balance sheet after deducting accumulated depreciation and impairment losses.

Revaluation Model

An accounting method that allows assets to be carried at a revalued amount, reflecting their fair value at the date of revaluation.