What are the three principles available to resolve an ethical dilemma? Are they always successful?
What will be an ideal response?
Three resolution principles are available to resolve an ethical dilemma:
Ends-based principle considers which decision would provide the greatest good for the greatest number of people.
Rules-based principle considers what would happen if everyone made the same decision as one would.
The Golden Rule considers doing unto others as one would have them do unto him or her.
None of these principles can be said to offer a perfect solution or resolution to a problem since the reactions of other people involved in the scenario cannot be predicted.
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The journal entry used to record the payment of a discounted note is
a. debit Notes Payable and Interest Expense; credit Cash b. debit Notes Payable; credit Cash c. debit Cash; credit Notes Payable d. debit Accounts Payable; credit Cash
The MEA can act as an export distributor or as an export commission representative. However, the MEA does not perform the functions of an export department, and the scope of market activities is usually limited to a few countries
Indicate whether the statement is true or false
In 2016, Valencia Company purchased equipment for $363,000 and also sold some special purpose machinery with a book value of $155,000 for $182,000 . In its statement of cash flows for 2016, Valencia should report the following with respect to the above transactions:
a. $363,000 cash used by operating activities; $182,000 cash provided by financing activities. b. $181,000 net cash used by investing activities. c. $181,000 net cash used by investing activities; $27,000 net cash provided by operating activities. d. $363,000 net cash used by investing activities.
All of the following are examples of subsequent events that would be disclosed in the footnotes to the financial statements except
A) fire or flood loss. B) a litigation settlement. C) a bond issuance after the balance sheet date. D) the write off of a significant uncollectible account.