What Helps Notions Such as Fairness, Honesty, and Reciprocity to Be

question 68

Multiple Choice

What helps notions such as fairness, honesty, and reciprocity to be codified into law?

• A) The notions are synonymous with law.
• B) The notions differ to some degree in different cultures around the globe.
• C) The notions are universal norms.
• D) The notions are characteristics inherited by each person irrespective of the culture.

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Definitions:

IFRS

International Financial Reporting Standards, a set of global accounting guidelines outlining how transactions and other accounting events should be reported in financial statements.

Internal Control Procedures

Methods and guidelines set up by an organization to guarantee the accuracy of fiscal and accounting data, encourage responsibility, and deter dishonest practices.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement to ensure consistency and accuracy of financial data.

Memoranda

Brief, informal written records used to aid memory or inform others within an organization.