Which of the Following Is a Difference Between Ethical and Legal

question 91

Multiple Choice

Which of the following is a difference between ethical and legal systems?

• A) The moral values are observed from within the legal system, whereas the moral values are observed in the form of state transaction in an ethical system.
• B) An ethical system consists of rules to guide conduct, whereas the legal system consists only of rules to foster social cooperation.
• C) An ethical system primarily deals with what is wrong, whereas the legal system primarily deals with what is right.
• D) The legal system involves a broader-based commitment to proper behavior than an ethical system.
• E) The legal system is an institution of state, whereas an ethical system is not an institution of state.

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Definitions:

Industry Average

A benchmark or standard calculated by taking the average of a specific metric across multiple companies within the same industry, useful for comparative analysis.

Adjusting Entry

An accounting record made to update the balances of accounts at the end of an accounting period before the preparation of financial statements.

Sales

Transactions involving the transfer of goods or services from a seller to a buyer in exchange for money or other considerations.

Days' Sales in Receivable

A financial metric that calculates the average number of days it takes for a company to collect payments after a sale has been made.