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Chapter 8

Chapter 8 Notes

Financial Accounting
Course Code
Tim Richardson

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Chapter 8 Notes
Summary: Student Learning Outcomes Revisited
1. Define ethics and describe factors that affect how you make a decision concerning an ethical issue.
Ethics are the principles and standards that guide our behaviour toward other people. How you decide ethical issues must depend
especially on your basic ethical structure but also for better or worse on the practical circumstances. Your basic ethics you
probably acquired growing up. The practical circumstances that you might allow to affect you include
Consequences: How much or how little benefit or harm will come from a particular decision?
Society’s opinion: What do you perceive society thinks of your intended action?
Likelihood of effect: What is the probability of the harm or benefit if you take the action?
Time to consequences: How long will it take for the benefit or harm to take effect?
Relatedness: How much do you identify with the person or persons who will receive the benefit or suffer the harm?
Reach of result: How many people will be affected by your action?
2. Define and describe intellectual property, copyright, Fair Dealing Doctrine, and pirated software.
Intellectual property is intangible creative work that is embodied in physical form. Copyright is the legal protection afforded an
expression of an idea, such as a song or a video game and some types of proprietary documents. The Fair Dealing Doctrine says
that you must use copyrighted material in certain situations. Pirated software is the unauthorized use, duplication, distribution, or
sale of copyrighted software.
3. Define privacy and describe ways in which it can be threatened.
Privacy is the right to be left alone when you want to be, to have control over your own personal possessions, and not to be
observed without your consent. Your privacy can be compromised by other individuals snooping on you; by employees
monitoring your actions; by businesses that collect information on your needs, preferences, and surfing practices; and by the
various government agencies that collect information on citizens.
4. Describe the ways in which information on your computer or network is vulnerable, and list measures you can take to
protect it.
Employees can embezzle and perpetrate fraud of other types. Most of the financial losses due to computer fraud suffered
by companies are caused by employees.
Hackers and crackers try to break into computers and steal, destroy, or compromise information.
Hackers can spread computer viruses or launch denial-of-service (DOS) attacks that can cost millions in prevention and
Measures you can take are to install
Anti-virus software to find and delete or quarantine viruses
Anti-spyware and anti-adware software
Spam protection software
Anti-phishing toolbar
Anti-rootkit software