Grocery store

Running Head: BUSINESS 1

BUSINESS 2

BUSINESS

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I would like to run a grocery store chain. The grocery store would have at least three branches in our neighborhood. The main operations of the business would be selling grocery to consumers. Some of the accounts that the chain for the business are outlined in the following chain of accounts:

Chart of Accounts
Accoun’s Name	Account Type
Cash	Assets
Sales	Revenue
Wages and Salaries	Expenses
Office Supplies	Expenses
Payroll Taxes	Expenses
Rent	Expenses
Accounts Receivable	Assets
Inventory	Assets
Retained Earnings	Owners’ Equity
Sales Tax Liability	Liability

For the business, several ethical standards would be set. First, financial accounting honesty is required to ensure transparency to all stakeholders and customers. Financial accounting audits would be carried out to ensure that the standards are followed. Second, truth-in-selling should also be practiced for the business (Lotich, 2018). This approach ensures that customers receive products as advertised. Therefore, honesty in advertising will be practiced to ensure that the standard is followed. Third, integrity in management practices is also key. Leaders in the business must set good examples to other employees by upholding integrity in every business operation (Lotich, 2018). Performance reviews will be done to ensure that leaders uphold the ethical standards. Lastly, personal integrity will be required of all employees in the business. A code of conduct will be drafted to ensure that all employees know what is required of them (Lotich, 2018).

Reference

Lotich, C. (2018). 7 Ways to Demonstrate Ethics and Integrity in your Business. Retrieved from https://thethrivingsmallbusiness.com/examples-of-business-ethics-and-integrity/#:~:text=Ethical%20standards%20in%20business%20are,concern%20from%20a%20strategic%20perspective.