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Business Transactions

In: Business and Management

Submitted By racheyyy
Words 1154
Pages 5
2.4- What is meant by business sustainability?
To be a sustainable business, an entity should meet current needs without compromising the ability of future generations to meet future needs. The key drivers of sustainability are competition for resources, climate change, economic globalisation and connectivity and communication.
2.6- What are the three pillars of sustainability?
The three pillars of sustainability are Social Economic and Environmental.
2.10-What are the four key responsibilities of business? Do you than an entity should consider discretionary responsibilities? Why?
Corporate Social Responsibility, Shareholder Value, Stakeholder Theory, Stewardship Theory.
Yes, I believe entities should consider discretionary responsibilities as I think it would benefit the company’s image within the community and it would also make for a happy place to work for its employees, as they would know they were working for a socially responsible entity.
2.17- Outline activities that accountants could take to help corporations discharge their social obligations?
Transparency: The Company provides timely disclosure of information about its products and services and activities thus permitting stakeholders to make informed decisions.
2.22- List some of the reasons given to explain why business act in socially responsible manner.
Competition for resources- natural resources are finite and must be preserved to ensure there will be enough for future generations
Climate change- Due to growing concentration of greenhouse gasses and the negative impact it is having on the environment, business need to plan for a policy environment increasingly hostile towards carbon emissions.
Economic globalisation- stakeholder groups demand that companies meet international expectations as more and more companies operate in or source from multiple countries with wide disparities in…...

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