Accounting Ethics Exam WITH 100% CORRECT ANSWERS

Egoism (Results Lens) CH1 Defines right behavior by consequences for the decisionmaker Enlightened Egoism (Results Lens) CH1 Considers the well being of others within the scope of deciding on a course of action based on self interest Utilitarianism (Results Lens) CH1 Evaluates consequences of actions on stakeholders (greatest benefit for the largest number of people) Deontology (Rights Theory) CH1 Considers the rights of stakeholders and relates duties to them. Downside: relies on moral absolutes, and difficult to resolve conflicting rights Justice Theory (Relationship Lens) CH1 Emphasizes rights, fairness and equality. Those with equal claims to justice should be treated equally. Virtue Ethics (Reputation Lens) CH1 Internal traits of character determine what decision is made. Decisions made not by applying rules, but by possessing the traits that enable the decision-maker to act for the good of others. (similar to AICPA and IMA codes of ethics) Thomas Hobbes CH1 - DEONTOLOGY - Nature of Mankind: "Solitary, poor, nasty, brutish and short" - Social authority came from the people, not the monarch. - Educated at Oxford John Locke CH1 - DEONTOLOGY - Ideas formed the foundation of a liberal democracy - All people are born equal. - Education can free people from tyranny. - Government's role: guarantee individual rights. Jeremy Bentham CH1 - UTILITARIANISM - Greatest happiness for the greatest number of people. - Had his body stuffed and displayed at the College of London. John Stuart Mills CH1 - Individual rights lead to true freedom - Proponent of Utilitarianism-- leads to tyranny of the majority. - Self improvement is the road to happiness. Plato CH1 - VIRTUE ETHICS - Morality is determined by the decisionmaker, not by the actions we take (deontological) or the results of those actions (consequentialism) - Focused on what a "good person" is