Question

True or False

38. Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are no principles, standards, concepts, or values common to business ethics.

39. Principle-based ethics, also called rights-based ethics, refers to the concept that the correct path to ethical decision making is determined by duties, such as obligations, commitments, and responsibilities, and not by consequences.

40. There is a consensus among utilitarians on how to measure and determine the overall good.

42. According to philosophical ethics, a simple acceptance of customary norms is an adequate ethical perspective.

Answer 1

38.

The correct answer is false.

The primary body of U.S that sets accounting standards is called FASB (Financial Accounting Standards Board). This board have issued Generally Accepted Accounting Principles (GAAP), are a set of rules which have substantial authoritative support and are used by companies to organize their financial statement.