In a short essay, define corporate social responsibility, and discuss its components.
What will be an ideal response?
Corporate social responsibility can be defined as the obligation companies have to
develop and implement courses of action that aid in social issues that impact society. As a result,
the term corporate social responsibility is used by corporations to signify several topics for
corporations, including legal responsibility, fiduciary duty, legitimacy, and charitable
contributions.
The components of corporate social responsibility include the following:
a. Economic responsibilities—based on the underlying foundation of why a firm has been
created, normally to develop economic value
b. Legal responsibilities—the laws and regulations that all firms are expected to abide by as they
perform their daily functions
c. Ethical responsibilities—difficult to define and can change over time because they are based
on the expectations of society
d. Discretionary responsibilities—those responsibilities in which society does not have a clear
message to present to businesses as to what their course of action should be
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The net increase or decrease in Retained Earnings for a period is recorded by closing entries
a. True b. False Indicate whether the statement is true or false
For the following situation, determine whether or not the item is deductible, how it would be deducted in the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment), and any limitations that might be placed on the deduction. Rickie, who is 35, pays $1,800 for dental work during the current year.
What will be an ideal response?
When a borrower receives the face amount of a discounted note less interest, this amount is known as:
A) the note proceeds B) the note discount C) the note deferred interest D) the note principal
According to the industrial relations school, how are efficiency, equity and voice achieved in society? What does this school of thought have to say about the role of government and unions?
What will be an ideal response?