INTRO TO MANAGERIAL ACCT-CONNECT ACCESS
8th Edition
ISBN: 9781260118742
Author: BREWER
Publisher: MCG
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Chapter P, Problem 10E
To determine
Corporate Social Responsibility: The society gives business license to exist the business should always work on the behalf of society. The business should not think from the point of shareholder only there are various parties like customer supplier’s government. The business should meet the expectation of all the stakeholders. The profit making should not be always objective of the business.
To Identify: The agreement or disagreement with the quote.
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The best way to determine business values or ethics is to let the free market decide.
true or false
Analysis on the Role of Financial Management Milton Friedman has once popularly said "The social responsibility of business is to increase its profits; here is one and only one social responsibility of business to use its resources and engage in activities designed to increase its profits so long as it stays in the rules of the game, which is to say, engages in open and free competition, without deception or fraud." Do you agree or disagree with Friedman's arguments? Please provide your thoughts by considering the goals of Financial management.
Consider again Milton Friedman’s article.
1. What does Friedman mean by “ethical custom”?
2. If the laws of the society are limiting the company’s profitability, would the company be within its rights to disobey the law?
3. What if the law is “on the books,” but the company could count on a lack of enforcement from state officials who were overworked and underpaid? Should the company limit its profits? Suppose that it could save money by discharging a pollutant into a nearby river, adversely affecting fish and, potentially, drinking water supplies for downstream municipalities. In polluting against laws that aren’t enforced, is it still acting “within the rules of the game”? What if almost all other companies in the industry were saving money by doing similar acts?
Chapter P Solutions
INTRO TO MANAGERIAL ACCT-CONNECT ACCESS
Ch. P - How does managerial accounting differ from...Ch. P - Pick any major television network describe some...Ch. P - It you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. 5QCh. P - Prob. 6QCh. P - Prob. 7QCh. P - Why do management accountants need to understand...Ch. P - Prob. 9QCh. P - Pick three industries and describe the risks faced...
Ch. P - Pick any large company and explain there ways that...Ch. P - Locate the website of any company that publishes a...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Prob. 15QCh. P - If you were a restaurant owner, what internal...Ch. P - Prob. 17QCh. P - Prob. 18QCh. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Planning and Control Many companies use budgets...Ch. P - Controlling Assume that you work for an airline...Ch. P - Prob. 3ECh. P - Ethics and the Manager Richmond. Inc., operates a...Ch. P - Prob. 5ECh. P - Prob. 6ECh. P - Ethics in Business Consumers and attorney generals...Ch. P - Prob. 8ECh. P - Prob. 9ECh. P - Prob. 10ECh. P - Prob. 11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
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Similar questions
- Do you agree or disagree, "some companies only use Corporate Social Responsibility for them to gain publicity and profit"? Defend your answer.arrow_forwardWhat are some factors that can increase the risk that a corporation does not have a corporate culture that supports ethical decision making? Please explain.arrow_forwardIn 1970, the great American economist and a Nobel laureate Milton Friedman argued that “the social responsibility of business is to increase its profits”. He wrote that a company has no social responsibility to the public or society, and its only responsibility is to its shareholders. Critically evaluate his statement. Do you agree or disagree? Why?arrow_forward
- Business Ethics and Corporate Social Responsibility: Do businesses have a responsibility to society or to their shareholders? Explain your answer. Do these responsibilities conflict or work together? How do social and profit responsibility relate to CSR?arrow_forwardWhich of the following objectives of the company creates immoral practices such as: corrupt practice, unfair trade practice, etc.? Select one: A. None of the given options B. Profit Maximization C. Welfare Maximization D. Wealth Maximizationarrow_forwardBusiness is a sub- system of Society‟. Which of the following option supports this claim? Choose correct answer a. Corporate Social Responsibility. b. Corporate Governance. c. Governing Principles. d. Ethics.arrow_forward
- Please provide your thoughts on corporate ethics by answering the question "why is it good (or bad) for a corporation to exercise (or not to exercise) social responsibility?" !arrow_forwardIs business ethics an oxymoron?arrow_forwardmanagers speak as if the corporation has other goals. For example, they may say that their job is to "maximize profits." That sounds reason- able. After all, don't shareholders want their company to be profitable? But taken literally, profit maximization is not a well-defined corporate objective. Here are three Sometimes you hear reasons: Explain why maximizing market value is the logical financial goal of the corporation.arrow_forward
- Demand for corporate social responsibility is necessary for it to be practiced by firms. * TRUE FALSEarrow_forwardThe best way to determine business values or ethics is to let the free market decide. Group of answer choices True Falsearrow_forwardManagers of corporations need to act in an ethical manner O because ethical behavior is its own justification. O because a business must be trusted by investors, customer and the public if it is to succeed. O because business managers must answer to a higher authority. O because ethics violations will be punished by the law.arrow_forward
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