Term
| Name the two types of accounting? |
|
Definition
|
|
Term
|
Definition
Accounting involves the information system that;
measures business activity,
processes the data into reports,
and communicates the results to decision makers |
|
|
Term
| What is Financial Accounting? |
|
Definition
| Financial accounting provides information for external decision makers such as investors and lenders |
|
|
Term
| What is Managerial Accounting? |
|
Definition
| Managerial accounting provides information for internal decision makers such as managers to operate the business |
|
|
Term
| The way a business operates can impact on what? |
|
Definition
Environment
Society
Corporate Social Responsibility |
|
|
Term
| What is Corporate Governance |
|
Definition
Corporate governance is the system in which entities are directed or controlled, managed and administered
- the decision-making processes of an entity
- ensuring alignment between the goals of managers and shareholders |
|
|
Term
| What is Corporate Social Responsibility (CSR)? |
|
Definition
| Generally viewed as impact of a company's activities on the welfare of society |
|
|
Term
| What is the Economic view of Corporate Social Responsibility? |
|
Definition
| Voluntary disclosures only necessary to maximise profits (eg. reduce political costs) |
|
|
Term
| What is the Stakeholder view of Corporate Social Responsibility? |
|
Definition
| Organisations earn their right to operate within the community, with that right being provided by the society in which they exist, not solely by parties with a financial interest |
|
|
Term
| What are the justifications for incurring Corporate Social Responsibility Costs? |
|
Definition
-‘enlightened self-interest’
-stakeholder management
-corporate legitimacy
-Product differentiation |
|
|
Term
| Define enlightened self-industry. |
|
Definition
Costs that appear to be motivated by a desire to promote society’s best interest,
also incurred in the hope of generating benefits for the company that exceed those costs |
|
|
