-Accounting theory is logical reasoning in the form of a set of broad principles that provide a general frame of reference by which accounting practice can be evaluated as well as guide the development of new practices and procedures. Thus, the function of theory is to assist in the resolution of practical problems. The existence of theory would mean that we could say and explain why, given a number of assumptions method X is to be preferred to method Y.
marto answered the question on February 13, 2019 at 08:35
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Citing reasons, explain why it is important for a reporting entity to provide a social and environmental report in the annual financial statements.
(Solved)
Citing reasons, explain why it is important for a reporting entity to provide a social and environmental report in the annual financial statements.
Date posted:
February 13, 2019
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Answers (1)
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Many corporate boards are now agreed on the need to take responsibility for any potential or actual social impact caused by their companies’ activities. This...
(Solved)
Many corporate boards are now agreed on the need to take responsibility for any potential or actual social impact caused by their companies’ activities. This is done through a social responsibility report.
Required:
(a) Write short notes on five issues/stakeholders that may be addressed by a company’s social responsibility report.
(b) Explain five benefits that would accrue to a company from the reporting of the company’s social responsibility activities.
(c) Comparing conventional financial accounting reporting with social responsibility reporting, list and explain five challenges peculiar to social responsibility accounting
Date posted:
February 13, 2019
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Answers (1)
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The following information was extracted from the books of Engwen Ltd. As at 30 June 2008
(Solved)
The following information was extracted from the books of Engwen Ltd. As at 30 June 2008
The company’s activities had a negative impact on the cost of living of the community, which increased by shs.3, 500,000 during the year ended 30 June 2008.
Required:
A statement of net social benefits to staff and community for the year ended 30 June 2008.
Date posted:
February 13, 2019
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Answers (1)
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The International Accounting Standards Board (IASB) is currently working with other accounting standards setting bodies in the world to have a global application of International...
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The International Accounting Standards Board (IASB) is currently working with other accounting standards setting bodies in the world to have a global application of International Financial Reporting Standards. An important point of focus is conceptual framework.
Required:
Explain the importance of a conceptual framework and the key issues that such a framework should address.
Date posted:
February 13, 2019
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Answers (1)
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The International Accounting Standards Board (IASB) Framework for the preparation and presentation of financial statements has seven main sections. Analyse any four sections and indicate...
(Solved)
The International Accounting Standards Board (IASB) Framework for the preparation and presentation of financial statements has seven main sections. Analyse any four sections and indicate how they contribute to the quality of financial statements.
Date posted:
February 13, 2019
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Answers (1)