Ethics: Ethics refers to the moral principles. There are different types of ethics like business ethics , culture ethics, working ethics and so on. Briefly it can be said that ethics is a process of doing any work in a systematic and effective manner as per the rules or procedures. If ethical problems or issues arise in a business environment, it would be examined through business ethics. Business ethics are applied to all aspects whether they are related to any individual or the whole organization. Cost principle: Cost principle is one of the accounting principle according to which all the assets must be reported at its cost only. This principle of accounting is also known as “historical cost principle.” Briefly, the price at which an asset is purchased or acquired is reported as per the cost principle. To Explain: The ethical situation for SG involving the stakeholders and the alternatives available.

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Chapter 1, Problem 1.3E

To determine

Ethics:

Ethics refers to the moral principles. There are different types of ethics like business ethics, culture ethics, working ethics and so on. Briefly it can be said that ethics is a process of doing any work in a systematic and effective manner as per the rules or procedures. If ethical problems or issues arise in a business environment, it would be examined through business ethics. Business ethics are applied to all aspects whether they are related to any individual or the whole organization.

Cost principle:

Cost principle is one of the accounting principle according to which all the assets must be reported at its cost only. This principle of accounting is also known as “historical cost principle.” Briefly, the price at which an asset is purchased or acquired is reported as per the cost principle.

To Explain: The ethical situation for SG involving the stakeholders and the alternatives available.

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