When Developing a Code of Ethics,what Are the Four Key

question 72

Essay

When developing a Code of Ethics,what are the four key points that must be followed to create a usable and effective document?

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Definitions:

Worksheet

A document or tool used for planning, organizing information, solving problems, and making calculations.

Income Summary

An account used in closing entries to collect the revenue and expenses for a specific accounting period before transferring the net result to capital.

Expenses

Costs incurred in the process of earning revenues, typically categorized as operating or non-operating.

Owner's Drawings

Withdrawals made by the owner of a sole proprietorship or partnership from the business for personal use.