Explain Why Being Ethical Is Good Business

question 2

Essay

Explain why being ethical is good business.

Explain the financial statement implications of leasing versus purchasing assets.

Appreciate the implications of asset revaluation and adjustment of useful life on depreciation calculations.

Identify various types of fixed assets and the expenditures associated with them.

Understand the principles of recording the disposal of fully depreciated assets.

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Definitions:

Sales

The exchange of goods or services for money; the revenue generated from such transactions.

Cost of Goods Sold

Direct costs attributable to the production of the goods sold by a company.