Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following best describes the two main types of ethical challenges that individuals face in business?

Profit maximization and cost minimization

Ethical dilemmas and ethical lapses

Financial fraud and tax evasion

Legal compliance and corporate governance

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Understand the context of ethical challenges in business: Ethical challenges often arise when individuals or organizations face situations requiring them to choose between conflicting values or principles.

Define the two main types of ethical challenges: Ethical dilemmas occur when there are two or more competing ethical principles, making it difficult to decide the right course of action. Ethical lapses happen when individuals knowingly make unethical decisions, often violating established norms or rules.

Analyze the options provided in the question: Evaluate each option to determine whether it aligns with the definition of ethical dilemmas and ethical lapses.

Eliminate incorrect options: For example, 'Profit maximization and cost minimization' are business strategies, not ethical challenges. Similarly, 'Financial fraud and tax evasion' are examples of unethical actions, not types of ethical challenges. 'Legal compliance and corporate governance' are frameworks for ensuring ethical behavior but do not describe the types of ethical challenges.

Conclude that the correct answer is 'Ethical dilemmas and ethical lapses,' as these terms best describe the two main types of ethical challenges individuals face in business.