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Chapter 2 Notes

by: Kendall Davis

Chapter 2 Notes ACCT 324 - 002

Kendall Davis
GPA 3.8

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About this Document

Business law notes
Survey of Commercial Law
Julius David Johnson (P)
Class Notes
25 ?




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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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