The Classical View of Social Responsibility Is That Management's Only

question 30

Multiple Choice

The classical view of social responsibility is that management's only social responsibility is to ________.

• A)follow government dictates
• B)maximise profits
• C)not concern itself with pollution
• D)meet industry quality standards
• E)meet the requirements of all stakeholders

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Definitions:

Accumulated Depreciation

The total amount of depreciation for a fixed asset that has been charged to expense since the asset was acquired and put into use.

Original Cost

The initial purchase price or construction cost of an asset or investment, not adjusted for inflation, depreciation, or other factors over time.

Fair Value

An estimate of the price at which an asset or liability could be exchanged in an orderly transaction between market participants at the measurement date.

Fair Value

An estimate of the market value of an asset, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a seller.