What are the six practical principles for business offered by the Catholic Church?
What will be an ideal response?
Businesses that produce goods which are truly good and services which truly serve contribute to the
common good.
Businesses maintain solidarity with the poor by being alert for opportunities to serve deprived and
underserved populations and people in need.
Businesses make a contribution to the community by fostering the special dignity of human work.
Businesses provide, through subsidiarity, opportunities for employees to exercise appropriate authority as they contribute to the mission of the organization.
Businesses model stewardship of the resources?whether capital, human, or environmental?they have received.
Businesses are just in the allocation of resources to all stakeholders: employees, customers, investors,
suppliers, and the community.
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A business owner might believe it is morally wrong to push people to make financial choices that cause them to go into debt, thus hurting their own livelihoods. This example is related to which ethical decision-making approach?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. Tennessee Moving Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:
If the net income for the year was $67,000, the company must have declared $42,000 as dividends during the year.
2. New York Production Company uses the indirect method to prepare its statement of cash flows. The Treasury Stock account had a debit balance of $8,000 at the beginning of the year and a debit balance of $16,000 at the end of the year. No treasury stock was sold during the year. The financing section of the statement of cash flows will show a positive cash flow of $8,000 for the buyback of treasury stock.
3. To complete the statement of cash flows, the net change in cash and its effects on the beginning cash balance must be shown.
4. The total change in cash for the period reconciles the statement of cash flows.
U.S. GAAP classifies securities that are neither debt securities held to maturity or trading securities as
a. securities available-for-sale. b. securities held for short term profit potential. c. securities held for speculation. d. securities held for speculation. e. derivative securities.
A . Arthur brings his new computer to the Quick Fix Repair Shop to be fixed. Two days later, a buyer comes into the shop, and Quick Fix inadvertently sells Arthur's computer. Arthur now wants his computer back. Can Arthur get his computer back? Explain. b. Why do you think the Code follows this rule in situations such as the one above? Explain