Which of the Following Statements Is a Valid Criticism of the Accounting

question 9

Multiple Choice

Which of the following statements is a valid criticism of the accounting profession with respect to its consideration of social and environmental reporting?

• A) Practice of discounting liabilities, particularly those liabilities that will not be settled for many years, allows the recognition of future expenditures on environmental clean-up in the current period.
• B) Gray, Owen and Adams (1996) argue that discounting makes good economic sense but discourages entities in undertaking environmentally friendly activities.
• C) The profession has a narrow focus of users of social and environmental reports limiting this to investors, governments and institutional investors.
• D) AASB 137 Provisions, Contingent Liabilities and Contingent Assets limits the obligations relating to environmental performance to legal obligations.

Prepare financial statements from adjusted trial balance data.

Understand the process and purpose of reversing entries.

Analyze trial balance data for adjustments and closing.

Understand the process for closing accounts at the end of an accounting period.

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Definitions:

Lesbian Rights

The advocacy and legal protection of rights and equal opportunities for lesbian individuals, including freedom from discrimination.

Hate Crimes

Criminal acts motivated by prejudice or intolerance towards an individual's race, religion, ethnicity, sexual orientation, or other designated characteristics.

Sexual Double-Standard

A set of social norms that judges or treats men and women differently for the same sexual behavior, often more permissively towards men.

Extramarital Sex

Sexual activity between a married person and someone who is not their spouse, often considered infidelity.