Which perspective best explains social impact accounting? a) Business success measured through community benefits b) Profits remain the only consideration c) Social factors hold no importance d) Financial metrics stand alone

Which perspective best explains social impact accounting? a) Business success measured through community benefits b) Profits remain the only consideration c) Social factors hold no importance d) Financial metrics stand alone

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 2MC: Which of the following is considered a constraint on useful information by Statement of Financial...

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Which option is accurate for the Question?

Which perspective best explains social impact accounting?
a) Business success measured through community benefits
b) Profits remain the only consideration
c) Social factors hold no importance
d) Financial metrics stand alone

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The Multi-Dimensional Statements Approach of Social Accounting was proposed to extend financial statements into multi-dimensional statements with all events related to each other via a monetary measure of their resource costs and benefits. But this approach suffers with which of the following hindrance? a. The multidimensional nature creates problems in measurement and quantification. b. The multidimensional approach of social accounting fails to measure the social impact in quantitative terms. c. The multidimensional approach maximizes the profit within the constraints of existing legal and ethical framework acting in the best interest of the society d. The multidimensional approach mixes with the assets and liabilities of the regular accounting and therefore shows wrong financial position of an entity
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