Which of the Following Is True of the School of Ethical

question 15

Multiple Choice

Which of the following is true of the school of ethical universalism?

• A) They are ethical principles that set forth the traits and behaviors considered virtuous and that a good person is supposed to believe in and display.
• B) They are ethical principles embodied in international law that all societies and countries are obliged practice.
• C) All societies and countries apply essentially the very same set of universally defined ethical principles of right and wrong in judging the ethical correctness of business behavior.
• D) It is mandatory that the standards of what's ethical and what's unethical be applied universally to all businesses in all countries irrespective of local business traditions and local business norms.
• E) The standards of what constitutes ethical and unethical behavior in business situations are partly universal, but in the main are governed by local business norms.

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Definitions:

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory value based on the average cost of all units available for sale during the period.

Materials Cost

The cost of the raw materials used in the production of goods.

Weighted-Average Method

An inventory costing method where costs of goods sold and ending inventory consist of a weighted average of all purchases and manufactured goods during the period.

Cost Reconciliation Report

A financial report that explains the differences or reconciles the variations between the cost of beginning inventory plus purchases and the cost of goods sold.