ACCG100 Lecture Notes - Lecture 2: Current Liability, Asset, Financial Statement
14 Sep 2018
School
Department
Course
Professor
Document Summary
Prescriptive principles or rules for determining right from wrong. Principles and methods are used as a guide for avoiding and resolving ethical issues. Concerned with consequences of a decision or action is the sole determinant of what is rights from wrong. A morally correct action occurs when benefits outweigh costs. How you get to the result is less important than the outcome itself. E. g. telling a lie is ok if people benefit at the end of the day. Limitation: tends to be a selfish approach to ethics. Emphasis is placed on the individual or majority which may be unfair to the minority or may abuse individual rights. The intention to do the right thing is more important that the final result. One does the right thing because it is the right thing to do. E. g. telling a lie is never ok regardless of whether people are better off or not. Fair dealing, honesty, truthfulness in all professional and business relationships.
