An Organizational Code of Ethics Is a Mechanism Which Works

question 39

Multiple Choice

An organizational code of ethics is a mechanism which works to establish a strong organizational culture by ________.

• A) forcing employees to act in a certain manner
• B) minimizing ethical ambiguities
• C) providing a strong message to the public about the company
• D) both A and C
• E) both B and C

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, effectively resetting the temporary accounts for the next period.

Accounting Cycle

The collective process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation in the financial statements.

Beginning Assets

Beginning assets refer to the value of all assets owned by a company at the start of an accounting period, encompassing resources like cash, inventory, and property.

Ending Liabilities

The total debts and financial obligations a company owes at the end of a reporting period.