Which of the following ethical principles is based on the idea that a manager can do whatever he wants as long as he does not break the law?
A. The principle of equal freedom
B. The conventionalist ethic
C. The Doctrine of the Mean
D. The disclosure rule
Answer: B. The conventionalist ethic
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An individual most likely will have an insurable interest in insuring a person's life if
A) an economic interest exists for the continuance of the insured's life B) a financial interest exists at the time of insured's death C) there is any blood relationship with the insured D) a business relationship exists
Taxable income of a corporations
a. differs from accounting income due to differences in intraperiod allocation between the 2 methods of income determination b. differs from accounting income due to differences in intraperiod allocation and permanent differences between the 2 methods of income determination c. is based on generally accepted accounting principles d. is reported on the corporation's income statement