An Organization Meets Its __________ Responsibility When Its Actions Voluntarily

question 79

Multiple Choice

An organization meets its __________ responsibility when its actions voluntarily conform not only to legal expectations but also to the broader values and moral expectations of society.

• A) economic
• B) religious
• C) ethical
• D) discretionary

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Definitions:

Net Operating Income

The profit generated from a company's normal business operations after subtracting operating expenses from operating revenue.

Product Costs

Costs that are incurred to create a product that includes direct materials, direct labor, and manufacturing overhead.

Period Costs

Expenses that are not directly tied to the production process and are expensed in the period they are incurred.

Variable Cost

Expenses that change in proportion to the activity of a business such as costs of goods sold, raw materials, and labor expenses.