__________ Refers to Our Understanding of the Standards of Moral

question 2

Multiple Choice

__________ refers to our understanding of the standards of moral behavior-behavior toward others that is accepted by society as right versus wrong.

• A) Social responsibility
• B) The legal framework
• C) Ethics
• D) Corporate responsibility

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Definitions:

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

Payroll Scheme

A system or plan for managing the process of paying employees, including calculating wages, withholding taxes, and distributing paychecks.

Fraud

An intentional deception made for personal gain or to damage another individual.

Lean Business Model

A business strategy focused on creating value for the customer with minimal waste and resources.