Chapter 2 Notes
Chapter 2 Notes ACCT 324 - 002
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This 1 page Class Notes was uploaded by Kendall Davis on Thursday August 25, 2016. The Class Notes belongs to ACCT 324 - 002 at University of South Carolina taught by Julius David Johnson (P) in Fall 2016. Since its upload, it has received 9 views. For similar materials see Survey of Commercial Law in Accounting at University of South Carolina.
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Date Created: 08/25/16
Chapter 2: Business Ethics August 22, 2016 Ethics: the study and practice of decisions about what is good or right Business Ethics: The application of ethics to the problems and opportunities experienced by businesspeople o Finding the better thing to do Ethical dilemma: a problem about what a firm should do for which no clear, right decision is available Social Responsibility of Business: expectations that the community imposes on firms doing business inside its borders o Society puts expectations on businesses Minimal business ethical standard: legality; this is essential to business ethics; ethics are secondary, legality is primary The WPH Process of Ethical Decision Making: WWHO (Stakeholders) o Consumers o Owners or Investors o Management o Employees o Community o Future Generations PPURPOSE (Values) o Freedom To act without restriction from rules imposed by others To possess the capacity or resources to act Idk o Security To possess a large enough supply of goods and services to meet basic needs To be safe from those wishing to interfere with your property rights To achieve the psychological condition o Justice To receive the products of your labor To treat everyone the same To provide resources to people in need To possess anything that someone else is willing to grant you o Efficiency To maximize the amount of wealth in society HHOW (Guidelines) o Public Disclosure o Universalization If you make a decision and everyone else follows suit, would the world be a better place? o Golden Rule
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