You Are Very Much in Favour of Using Ethics That

question 6

Multiple Choice

You are very much in favour of using ethics that direct you to judge actions based on an individual basis and the particular circumstances in which the person was involved,not on some general abstract principle such as "Thou shalt be good." This sort of ethics is known as

• A)religious ethics.
• B)classical Greek philosophy.
• C)legalism.
• D)situation ethics.

Determine the cost of ending inventory and cost-to-retail percentage using retail inventory methods.

Understand the effects of net markups, markdowns, and employee discounts on inventory valuation.

Calculate correct net income considering changes in inventory valuations due to errors or adjustments.

Recognize how specific inventory entries affect assets, liabilities, and retained earnings in financial accounting.