The Fairness Approach Posits That Ethical Actions Treat All Human

question 5

Short Answer

The fairness approach posits that ethical actions treat all human beings equally, or, if unequally, then fairly, based on some ___.

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Definitions:

Equivalent Annual Cost

A financial assessment tool used to compare the cost effectiveness of two or more projects with different lifespans by normalizing their costs into annual equivalents.

Sunk Costs

Expenditures that have already been incurred and cannot be recovered.

Incremental Costs

Expenses that will be incurred only as a result of undertaking a specific action.

GAAP

Generally Accepted Accounting Principles; a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.