Which of the Following Is the First Step in the Ethical

question 13

Multiple Choice

Which of the following is the first step in the ethical decision making process?

• A)Being socialized into the firm's corporate culture
• B)Applying a personal moral philosophy in order to individualize the ethical decision making process
• C)Recognizing that an issue requires an individual or work group to make a choice that ultimately will be judged by stakeholders as right or wrong
• D)Soliciting the opinions of others in a work group or in the overall business in order to gain feedback
• E)Enforcing the firm's ethical standards with rewards and punishment

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Definitions:

Labor Efficiency

The measure of the amount of work accomplished with a specific amount of labor input.

Labor Quantity Variance

The difference between the actual labor hours worked and the standard hours expected, multiplied by the standard labor rate.

Total Labor Variance

The difference between the actual labor costs incurred and the standard labor costs for the actual production achieved.

Direct Labor Price Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, based on the actual hours worked.