Jimmy is the chief accountant at clothing retailer King Ltd and has been in this role for around 10 years. King has a June 30 year end and Jimmy is finalising the year end accounts.
In finalising the inventory valuation Jimmy has a discussion with the warehouse manager. Jimmy is informed of the existence of a large amount of slow-moving stock. A closer inspection of the stock reveals that it is ten months old and would normally have been written down several months earlier if normal procedure had been followed.
Jimmy decides to follow up the issue of the stock valuation with the managing director Peter Gladstone. It is well known within the company that Peter is also a key shareholder of King. Jimmy is suspicious that Peter may have given a directive to maintain inventory values. Peter informs Jimmy that there is no need to write down the stock in the year end accounts. Jimmy suspects, however, that Peter wants the balance sheet to carry inflated stock values because he wants to sell King on terms advantageous to the shareholders. Peter goes on to tell Jimmy that he is aware of a potential buyer who is looking to inject capital into the business and that if the sale proceeds then all employees will hold onto their jobs and that Jimmy will receive a substantial pay increase.
Required:
- a) Define the normative ethical perspectives of teleology and deontology.
- b) From an ethical egoist perspective, what would be an appropriate course of action for Jimmy? Justify your choice.
- c) Would your answer to b) be different if Jimmy pursued ‘utilitarianism’? Justify your position.
d) Advise Jimmy of an appropriate course of action
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