The Principles or Values That Guide Us in Deciding What

question 15

Multiple Choice

The principles or values that guide us in deciding what is right conduct and what is wrong conduct is called which of the following?

• A)Ethics
• B)Torts
• C)Civil laws
• D)Oaths of confidentiality

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Definitions:

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for a more accurate financial statement.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting its loss of value over time.

Equipment

Tangible assets used in the operation of a business, such as machinery, computers, and tools.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset from the time it was put into service until a particular date.