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According to the American Institute of CPAs, sustainability accounting involves reporting a "triple bottom-line" of a company's economic vitality, social responsibility and environmental responsibility. In the past, business philosophy in the United States has tasked company managers with driving profits for shareholders. More and more, individuals and institutions are concerned with how business operations affects employees, customers, the community and the natural environment. Social responsibility accounting seeks to quantify and report on this information.
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These responsibilities are widely debated, but most people have a firm foundation that businesses should hurt society in their normal course of operations. For example, chemical companies and leather factories were notorious in the early 20th century for dumping huge amount of chemicals in lakes, rivers, and fields. These chemicals would pollute the drinking water and cause animals to migrate to other more sustainable regions. Today this practice is outlawed and labeled as a responsibility that businesses should be held accountable for their messes.
Some people argue that companies should also help contribute to the society and culture of their surroundings. Cleaning up their pollution and not causing additional problems is not enough. Some people encourage companies to give back to the community that allows them to grow. These social responsibilities can take the form of giving discounts to children and seniors or donating a portion of company profits to fundraisers and non-profit groups to help fight diseases.
These are just a few of the views on corporate social responsibility. There full studies on how scholars think businesses should behave and give back.
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social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting?
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social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting?.
social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for social responsibility accounting Related: Accounts of Banking Companies, Advanced Corporate Accounting?.
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