Presidency University

Department of “Business Administration”

ACN115

Assignment of “Financial Accounting I”

Submitted To, Submitted By,

Ms. Shahreen Sonia, Amit Hasan
Assistant Professor, ID: 221045025
Department of Business, Batch: 221
Presidency University Program: BBA
Q1: What is Ethics? 2
A1: Ethics or moral philosophy is a branch of philosophy that “involves systemizing,
defending and recommending concepts of right and wrong behavior. The term is derived
from the Greek word ethos which can mean custom, habit, character or disposition.
Ethics covers the following dilemmas:
 how to live a good life.
 our rights and responsibilities.
 the language of right and wrong.
 moral decisions - what is good and bad?

Q2: What is Business Ethics? 2

A2: Business ethics is a practice that determines what is right, wrong, and appropriate in the
workplace. Business ethics is often guided by laws, and keep companies and individuals from
engaging in illegal activity such as insider trading, discrimination and bribery. However,
other principles can influence how employees treat one another, corporate social
responsibility and relationships with clients and vendors. The purpose of business ethics is to
ensure a consistent moral attitude within the company, from executive-level management to
new hires. It helps to ensure everyone is treated with respect, fairness and honesty.

Q3: Why Business Ethics is needed? 6

A3: Business ethics are important for a variety of reasons. First and foremost, it keeps the
business working within the boundaries of the law, ensuring that they aren't committing
crimes against their employees, customers, consumers at large, or other parties. However, the
business also has a number of other advantages that will help them succeed if they are aware
of business ethics.

Businesses can also build trust between the business and consumers. If consumers feel that a
business can be trusted, they will be more likely to choose that business over its competitors.
Some businesses choose to use certain aspects of business ethics as a marketing tool,
particularly if they decide to highlight a popular social issue. Leveraging business ethics
wisely can result in increased brand equity overall.

Being an ethical business is also highly appealing to investors and shareholders. They will be
more likely to sink money into the company, as following standard ethical business practices
and leveraging them properly can be a path to success for many businesses.

Following business ethics can also be beneficial for the business' employees and operations.
Attracting top talent is significantly easier for ethical businesses. Employees not only
appreciate a socially aware employer, but will also perceive them as the kind of business that
will act in the best interest of their employees. This produces more dedicated employees and
can also reduce recruitment costs.