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Answer to Question No. 1
Double entry book keeping is an accounting method in which all the transactions of the business are recorded for both debit as well as credit aspects. This type of book keeping is more informative. The purpose of double entry book keeping is as follows:-
Answer to Question No. 2
Financial Accounting is used in the preparation of the financial statements of an enterprise in order to ascertain the financial results and financial position of then entity. Management accounting is the process of accounting where the profit or loss of the business is ascertained on the basis of functions like production, marketing etc. in order to assist the managers of various departments in the effective decision making (Bendrey and Hussey, 2003). The main objective of the financial accounting is to provide information to the stakeholders of the business. The main objective of management accounting is to provide information to the internal management of the business in order to assist in effective decision making. Preparation of financial accounting is compulsory while management accounting is discretionary (Diffen.com, 2016). Specific format is prescribed for the preparation and presentation of the financial accounting while the format of the management accounting is at the discretion of the management.
The management accounting can be considered as detailed presentation of the results of the financial accounting. The financial accounting states the result on an overall basis aggregating all the functions of the business while management accounting presents the results on the basis of function. Therefore, all the results of management accounting are present on an aggregate basis in the financial accounting. Therefore, it can be said that the result of the management accounting is incorporated into financial accounting.
Answer to Question No. 3
Sustainability report is the report that is published by the organization that reflects their social, economic and governance performance to the internal as well as external stakeholders of the organization (Pre-sustainability.com, 2016). The key performance indicators of the sustainability report have been discussed hereunder:-
The different stakeholders for the report would be the investors of the company, the creditors of the company, government and the employees of the company.
Answer to Question No. 4
Law refers to the rules and regulations that have been directed to be adopted by the regulatory framework. If a person follows the prescribed rules and regulations it would be considered that he is abiding by the applicable law of the country.
Ethics is the judgement of correctness of a situation by an individual by applying his wit and conscience. The law is formulated on a general basis and the ethical judgement is based on individual perception. Therefore, this judgement may vary from individual to individual.
Since, law is formulated on a general basis there is a probability that law and ethics may overlap in certain situation. In many situations individuals are faced with dilemma where legally something might be correct but ethically it would not. This situation arises due to the fact that law is based on a general basis however, ethical approach is judged keeping in mind all the facts and circumstances. In such situations acting legally would result in making it ethically incorrect and vice versa. Therefore, complying with the law would not always mean acting ethically because numerous factors have to be considered and analyzed in order to understand the ethical that are involved in any given situation.
Answer to Question No. 5
The following situations have been discussed with respect to ASXCGC corporate governance principles and recommendations:-
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