How does a business decision become an ethical one?
What will be an ideal response?
The first step in ensuring that a business decision becomes an ethical one is that we need to recognize that "business" or "economic" decisions and ethical decisions are not mutually exclusive. Just because a decision is made on economic grounds does not mean that it does not involve ethical considerations, as well. Being sensitive to ethical issues is an important characteristic that needs to be cultivated in ethically responsible people. Beyond sensitivity, we also need to ask how our decisions will impact the well-being of the people involved.
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Arguments in favor of the retrospective application method include
A) the adjustments to be made when reading the financial statements are easier to determine. B) a company's current years earnings should not be penalized (decreased) by events beyond the control of company's management. C) all financial statements presented at a given date are consistent. D) evaluating financial statements is easier when all principles used are known by the reader.
Which of the following is not a desired access control when developing a purchases and payments business process?
A. The person paying the supplier must not be able to modify the purchase order. B. The person returning items to the supplier must not view the original purchase order. C. The person placing the purchase order must not receive the items. D. The person receiving the order must not see the original purchase order quantities.
Which of the following financial statements reports information as of a specific date?
A) income statement B) statement of owner's equity C) statement of cash flows D) balance sheet
If the value of the collateral securing a secured loan is less than the secured interest, the secured creditor is an oversecured creditor
Indicate whether the statement is true or false