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Question: The following quote appeared in an article entitled 'Business and society in the coming decades', which was available on the website of McKinsey & Company (accessed in October 2015). "There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges, society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive return for society at large, not just for investors. This will be part of the implicit contract or license to operate".
Required: a) Explain the above statement in the context of corporate social responsibility.
b) Further, do you think such a statement would impact the perceived 'legitimacy' of companies? Explain.
Presented below are three transactions. Mark each transaction as affecting owner's investment (I), owner's drawings (D), revenue (R), expense (E), or not affecting owner's equity (NOE).
It is estimated that 15,000,000 tons can be extracted from the mine. Calculate depletion expense during 2014 assuming 800,000 tons were extracted
Which company's estimate of useful life more closely reflects reality? Will you feel comfortable as a passenger in a 25-year old airplane?
Bronco Electronics' current assets consist of cash, marketable securities, accounts receivable, and inventories. Compute the current assets for Bronco
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Prepare Pelham's accounting entry to record the combination with Sampras using the acquisition method and purchase method."
Oswego Clay Pipe Company sold $46,500 of pipe to Southeast Water District #45 on April 12, What entry would Oswego make on April 12
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