Chapter 8 Notes

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Financial Accounting
Tim Richardson

Chapter 8 NotesSummary Student Learning Outcomes Revisited1Define ethics and describe factors that affect how you make a decision concerning an ethical issueEthics 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 includeConsequences How much or how little benefit or harm will come from a particular decisionSocietys opinion What do you perceive society thinks of your intended actionLikelihood of effect What is the probability of the harm or benefit if you take the actionTime to consequences How long will it take for the benefit or harm to take effectRelatedness How much do you identify with the person or persons who will receive the benefit or suffer the harmReach of result How many people will be affected by your action2Define and describe intellectual property copyright Fair Dealing Doctrine and pirated softwareIntellectual 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 yo
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