Of the Following,which Is the First Step in Making an Ethical

question 9

Multiple Choice

Of the following,which is the first step in making an ethical decision?

• A)Apply the ethics codes.
• B)Consider possible and probable courses of action.
• C)Identify the problem or dilemma.
• D)Obtain consultation.
• E)Explore the consequences of various decisions.

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Definitions:

ASPE

Accounting Standards for Private Enterprises; a set of accounting standards for privately-held companies in Canada, providing simpler alternatives to International Financial Reporting Standards (IFRS).

IFRS

The International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide the preparation of financial statements globally.

Sales Revenues

The total amount of income generated by a company from its sales of goods or services, before any expenses are deducted.

Credit Sales

Transactions where goods or services are sold and payment is received at a later date.