Notions of Right and Wrong,fair and Unfair,moral and Immoral,ethical and Unethical

question 60

Multiple Choice

Notions of right and wrong,fair and unfair,moral and immoral,ethical and unethical:

• A) vary enormously from religion to religion and country to country across the world.
• B) are present in all societies and cultures,and in organizations and individuals,with some of the most important concepts of what is right and what is wrong (for example,being truthful)resonating with people of most cultures,and are thus universal.
• C) ultimately depend on the circumstances-nothing is really black or white when it comes to ethical standards.
• D) are governed mainly by the thinking and writings of religious clerics at the School of Morally Correct Thinking and Behavior in Geneva,Switzerland.
• E) ultimately depend on a person's own values and beliefs.

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Definitions:

Periodic

Occurring or repeating at regular intervals of time, often used to describe recurring financial or reporting events.

FIFO

First In, First Out, an inventory valuation method where the cost of the earliest items purchased are the first to be recognized in determining the cost of goods sold.

Taxation Authority

Refers to the governmental agency responsible for administering and collecting taxes.

Import Duties

Taxes imposed by a country on goods brought into its territory from foreign countries to protect domestic industries from foreign competition.