Provide examples of amoral-view theories of social responsibility.
What will be an ideal response?
Fundamentalism-The corporation has no or very little social responsibility.
Legal recognition-The corporation is an autonomous entry and not the creation of society.
Individual agreement-Corporations can be socially responsible, but only within the limits of a prior contractual agreement with shareholders.
Traditional shareholders model-Beyond individual agreements, corporations are not ethically required to be socially responsible; they are responsible only to monies and to maximize profits .
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Which of the following is not a reason that the auditor must gain an understanding of the client's internal control system?
a. Better understand the client, its risks, and how it manages those risks. b. Assess control risk and identify the types of financial statement misstatements that are most likely to occur. c. Plan direct tests of account balances to determine if misstatements have occurred. d. All are reasons why auditors must gain an understanding of the client's internal control system.
A formalized set of procedures for generating, analyzing, storing, and distributing pertinent information to marketing decision makers on an ongoing basis is called a(n) ________
A) transactions processing system B) formal system C) marketing information system D) expert system E) research directorate
The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $55 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $70 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the
lower of cost or market, using the first-in, first-out method, if the current replacement cost is $68 a unit? A) $1,200 B) $1,100 C) $1,360 D) $1,390
Answer the following statements true (T) or false (F)
Research has provided evidence that the stock market may be fooled by the higher income reported under the pooling method.