According to W. D. Ross's Theory

question 33

Multiple Choice

According to W. D. Ross's theory

• A) a prima facie obligation is absolute and can never be overridden.
• B) what we should do in any specific set of circumstances will always be self-evident.
• C) it would be wrong to lie to a murderer even to save the life of a friend.
• D) we have various moral duties that can't be reduced to a single, overarching obligation.

Understand the role of gross profit in the income statement and how it is calculated.

Grasp the concept of operating income and its calculation in a merchandising business.

Identify the primary components and terminology related to credit transactions.

Understand the perpetual and periodic inventory systems and their implications for financial accounting.