Describe the Important Ethical Concepts Stemming from Information Technology

question 82

Essay

Describe the important ethical concepts stemming from information technology.

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Definitions:

LIFO Method

Last In, First Out method; an inventory valuation technique where the most recently produced items are recorded as sold first.

Prospective Treatment

An approach in accounting where changes are applied to transactions and events from a specific date forward.

Reporting Entity

An entity, such as a company or organization, that must prepare financial statements to provide information to users.

MACRS Depreciation

The Modified Accelerated Cost Recovery System is a method of depreciation for tax purposes in the United States, allowing for faster depreciation of assets in the early years.