With Respect to Ethics, the Utilitarian Theory

question 40

Multiple Choice

With respect to ethics, the utilitarian theory:

• A)suggests that auditors should always verify ownership of a client's material tangible assets.
• B)is primarily concerned with equity and impartiality.
• C)suggests that an individual's actions should not violate the rights of any individual.
• D)recognizes that decisions involve trade-offs between costs and benefits.

Recognize how different transactions are recorded in a perpetual inventory system.

Comprehend the role and calculation of gross profit in assessing company profitability.

Differentiate between types of income statements and the placement of revenue and expenses.

Identify the primary sources of revenue for different types of companies.

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Definitions:

Referential

Pertaining to the use of language to refer to objects and ideas, or relating to the ability of something to act as a symbol or stand for something else.

Expressive Style

A communication approach where individuals are more likely to express their thoughts, feelings, and ideas openly and articulately.

Referential Style

A language learning style where children tend to use vocabulary to refer to people, objects, and events, exemplifying an analytical orientation toward speech.

United States

A country located in North America, consisting of 50 states, a federal district, five major self-governing territories, and various possessions.