Ethics are the accepted principles of conduct that govern behavior within a society
Indicate whether the statement is true or false.
Answer: TRUE
Explanation: Ethics are accepted principles that govern behavior within a society, and are often supported by laws. Corporate ethics may also include issues that are legal under law, but still not appropriate for the business.
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Describe the difference between a balance sheet and an income statement.
What will be an ideal response?
In vertical analysis of the income statement, each item is shown as a percentage of net income for the year
Indicate whether the statement is true or false
Sheet aluminum has been delivered to a factory that makes beverage cans. To the factory that makes the cans, the aluminum is an example of ______.
a. finished goods b. raw materials c. work in process d. in-transit goods
A backlog in recording transactions is an example of a warning sign from the accounting system
Indicate whether the statement is true or false