Chapter 9 - Sustainability reporting P3 | Take the Quiz

Which of the following best describes the view taken by Milton Friedman in relation to the role of companies?

Companies A. Companies are an integral part of society, and as such should adopt the highest ethical principlesare an integral part of society, and as such should adopt the highest ethical principles.

B. Companies, as part of society, should act in the interests of the harmonisation of society and the environment.

C. Companies should detach themselves from the environment and focus on maximising the benefits to society

D. Companies should distance themselves from the community in which they operate and focus solely on maximising the returns to shareholders.

Which of the following statements is correct regarding the concept of environmental accounting?

A. It is a method of incorporating the costs of depleting the company's assets into the financial statements of the company.

B. It has been used to show the profits of a company

C. It does not apply to government organisations.

D. It is a part of the ASX Listing Rules.

Which of the following statements is incorrect?

A. Codes of conduct incorporating ethical standards are generally reactive, whereas laws are often proactive.

B. Disqualifying directors from managing corporations is one way in which the law deals with conduct which is unethical.

C. Accepting a secret commission is unethical behaviour.

D. Offering a secret commission to an agent is unethical behaviour.

The 'triple bottom line' framework refers to three key areas, which are:

A. Economic/financial, cultural and ethical

B. Ethical, economic/financial and environmental

C. Economic/financial, leadership and social

D. Economic/financial, social and environmental

The quest towards sustainable development ultimately relies on people who:

A. Are being driven solely by their self-interest

B. Place wealth creation above all else

C. Are not being driven solely by their self-interest

D. Are not being driven solely by their self-interest but place value in wealth creation

Social and environment reporting are also referred to as:

A. Sustainability reporting

B. CSR reporting

C. Triple bottom line reporting

D. All of the given options are correct

Which of the following statements relating to Stakeholder Theory explains 'why report?' social and environmental disclosure?

A. Disclosures are linked to providing evidence that an entity is complying with the expectations of society

B. Disclosure depends on the expectations of powerful stakeholders, if the managerial perspective of Stakeholder Theory is embraced.

C. Disclosure depends on positive wealth implications.

D. Organisations will adopt particular practices because of institutional pressures.

Which of the following is not true where financial accounting adopts an entity assumption?

A. Transactions not directly impacting the entity are ignored.

B. Account externalities caused by the reporting entity are taken into account, some relating to the social and environmental implications of the entity's operations

C. Sustainability and the 'entity assumption' are mutually exclusive.

D. The entity is treated as distinct from its owners and other stakeholders.

Stakeholder engagement process involves:

A. Discovering what really matters to the key stakeholders

B. Monitoring and managing stakeholder contributions and satisfaction levels

C. Providing them with feedback on corporate strategies and performance, and identifying what andhow things can be changed

D. All of the given options are correct

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Chapter 9 - Sustainability reporting P3

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