According to the advocates of ethical relativism,
A. each company should have the flexibility to set its own standards for deciding whether the use of underage labor and/or the payment of bribes/kickbacks are ethically acceptable or not.
B. if the use of underage labor and/or the payment of bribes/kickbacks are not legal but locally acceptable in a particular country, then it is morally correct and ethical for a company to use these practices in that country.
C. each industry should go by standards established by competitors for deciding whether the use of underage labor and/or the payment of bribes/kickbacks are ethically acceptable or not.
D. it is very clear that the use of underage labor or the payment of bribes and kickbacks are ethically impermissible-local customs, behavioral norms, and traditions absolutely cannot be taken into account.
E. if the use of underage labor and/or the payment of bribes/kickbacks are acceptable in a particular culture/society/country, then a case can be made that it is morally correct and ethical for a company to use these practices in conducting its business activities in that culture/society/country.
Answer: E
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The independent auditor's report conveys whether or not the business is a good investment
a. True b. False Indicate whether the statement is true or false
Cherokee Company reported consolidated revenue of $90,000,000 in 20X5. Cherokee operates in two geographic areas, domestic and Europe. The following information pertains to these two areas: Sales to External Interarea Sales Customers Between AffiliatesDomestic $62,000,000 $6,000,000 Europe $28,000,000 $4,000,000 What calculation below is correct to determine if the revenue test is satisfied for the European operations?
A. $28,000,000/$90,000,000 B. $28,000,000/$100,000,000 C. $32,000,000/$90,000,000 D. $32,000,000/$100,000,000
The accounts receivable ledger:
A. Is a substitute for the cash receipts journal. B. Is a substitute for the sales journal. C. Stores transaction data for individual customers. D. Stores transaction data for individual suppliers. E. Is also the controlling account.
Which of the following statements about the concepts underlying the balance sheet is correct?
A. According to the cost principle, assets are valued at their replacement cost. B. If an asset's value increases, the increase in value is generally not recorded under GAAP. C. All events affecting the current value of a company are reported on the balance sheet. D. A company bought land for $5 million dollars 10 years ago. The land is now worth $15 million. The company should increase the book value of this asset on its balance sheet to reflect its current value.