Which One of the Following Arguments on Social Responsibility States

question 72

Multiple Choice

Which one of the following arguments on social responsibility states that businesses should address social problems before they become serious and costly to correct?

• A) superiority of prevention over cures
• B) possession of resources
• C) balance of responsibility and power
• D) better environment

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Definitions:

Gain on Sale

Profit realized from the sale of assets or investments when the selling price exceeds the book value.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that is becoming the global standard for the preparation of public company financial statements.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in the United States.