Answer to Question #220974 in Accounting for Beaut

Question

• The management of WorldCom managed the company with the following philosophy in mind: “The executive management of WorldCom did not want the company to fail. If the company failed, there reputation would be harmed and they would lose their high paying jobs.” This philosophy is called… (select one) A. Egoism
•  B. Altruism
•  C. Utilitarianism
•  D. Deontology
•  E. None of the above

Answer 1

Solution:

The correct answer is A. Egoism.

Egoism is a philosophy that individual self-interest is more important than the good of the entire group. An individual self-interest or ego is the actual motive or drive of one’s own actions.

Therefore, when a person or group of persons believes that their self-interest is more important than the good of the entire company, then the philosophy is known as Egoism.