The First Ethical Yardstick Is Utilitarianism, in Which Decisions Are

question 80

True/False

The first ethical yardstick is utilitarianism, in which decisions are made solely on the basis of their outcomes, ideally to provide the greatest good for the greatest number.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company’s books for the next period.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period of time, including the balance sheet, income statement, and statement of cash flows.

Ledger

A book or collection of financial accounts in which transactions are recorded and summarized.

Net Loss

Occurs when a company's total expenses exceed its total revenues, indicating a negative profit for a specific time period.