MANAGERIAL ACCOUNTING F/MGRS.
6th Edition
ISBN: 9781264100590
Author: Noreen
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter P, Problem P.10E
Corporate Social Responsibility
In his book capitalism and Freedom, economist Milton Friedman Tote on page 133: “There 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 . . . engages in open and free competition, without deception or fraud.
Required:
Explain why you agree or disagree with this quote.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Corporate Social Responsibility
In his book Capitalism and Freedom, economist Milton Friedman wrote on page 133: “There 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 . . . engages in open and free competition, without deception or fraud.”
Required:
Explain why you agree or disagree with this quote.
Do you agree or disagree, "some companies only use Corporate Social Responsibility for them to gain publicity and profit"? Defend your answer.
Business 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.
Chapter P Solutions
MANAGERIAL ACCOUNTING F/MGRS.
Ch. P - Prob. P.1QCh. P - Pick any major television network and describe...Ch. P - If you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. P.5QCh. P - Why is managerial accounting relevant to...Ch. P - Prob. P.7QCh. P - Why do management accountants need to understand...Ch. P - Prob. P.9QCh. P - Pick three industries and describe how the risks...
Ch. P - Pick any large company and explain three ways that...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Why are leadership skills important to managers?Ch. P - Prob. P.15QCh. P - Prob. P.16QCh. P - Prob. P.17QCh. 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 - Prob. P.1ECh. P - Prob. P.2ECh. P - Ethics and the Manager Richmond, Inc., operates a...Ch. P - Prob. P.4ECh. P - Prob. P.6ECh. P - Ethics In Business Consumers and attorney generals...Ch. P - Prob. P.8ECh. P - Prob. P.9ECh. P - Corporate Social Responsibility In his book...Ch. P - Prob. P.11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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_forwardIn a few sentences, answer the following question as completely as you can. Define the three forms of market efficiency. Why should a financial decision maker, such as a corporate treasurer or CFO, be concerned with market efficiency?arrow_forwardThe best way to determine business values or ethics is to let the free market decide. true or falsearrow_forward
- What are the concerns about SRI investing in today’s economy? And does the present rating system for ESG give us a fair view of how socially responsible a corporation is?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_forwardDemand for corporate social responsibility is necessary for it to be practiced by firms. * TRUE FALSEarrow_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_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_forwardConsider 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?arrow_forward
- Why should a financial decision maker such as a corporate treasurer or CFO be concerned with market efficiency?arrow_forward1. What are the main differences between individual investors and professional money managers? 2. What are the qualities of a great organizational culture? Give at least 5. Discuss. 3. What are the four (4) types of Organizational Culture? Cite the advantages and disadvantages.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage
Business/Professional Ethics Directors/Executives...
Accounting
ISBN:9781337485913
Author:BROOKS
Publisher:Cengage
Ethical Decision Making in Management; Author: GreggU;https://www.youtube.com/watch?v=6UrBO-cL27Q;License: Standard Youtube License