Which of the Following Statements Describes the Decision Guidelines for an Ethical

question 54

Multiple Choice

Which of the following statements describes the decision guidelines for an ethical decision?

• A)Identify the ethical issue,specify alternatives,assess the possible outcomes and make the decision.
• B)Identify the ethical issue,specify alternatives,consult the code of conduct and choose the solution which has the greatest benefit to the largest number of people.
• C)Identify the ethical issue,specify alternatives,calculate the gain or loss on each alternative solution and choose the solution with the smallest gain or highest loss.
• D)Identify the ethical issue,consult an external auditor and make the decision.

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Definitions:

General Partner

In a partnership, a member who has unlimited liability for the debts of the business and takes part in its management.

Limited Partner

An investor in a partnership who has limited liability to the extent of their investment and does not take part in the day-to-day management of the business.

Letterhead

The heading at the top of a sheet of letter paper, usually consisting of a name and an address, and often a logo.

Limited Partner

An investor in a partnership who is not directly involved in its daily operations and whose liability is limited to the amount invested.