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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Beginning with strategy, which of the following items lists the areas of the business sustainability cycle in the correct order in which they should be performed? (Note: Not all areas are contained in each list.)

  1. a. Sustainability assurance, sustainability reporting, risk management, performance measurement
  2. b. Performance measurement, risk management, sustainability reporting, stakeholder engagement
  3. c. Stakeholder engagement, risk management, sustainability assurance, performance measurement
  4. d. Risk management, stakeholder engagement, sustainability reporting, sustainability assurance
  5. e. Stakeholder engagement, risk management, performance measurement, sustainability reporting

To determine

Identify the correct order of the activities performed within a business sustainability cycle.

Explanation

Business Sustainability:

Business sustainability is increasing the business worth for a long term. This is performed by analyzing and managing threats and opportunities of the organization for achievement of organizational strategic plans and communicating the results transparently.

e.

The correct sequence of sustainability cycle is listed as follows:

  • Strategy: Constructing a business strategy.
  • Stakeholder Engagement: Management considers the concerns of various stakeholders to run business in a sustainable manner.
  • Risk Management: Organizations assess the stakeholder’s responses as risks or opportunities which would affect the achievement of organizational strategy.
  • Performance Measurement: Performance measurement is measuring the impact of managerial decisions on key performance indicators like cash flows and income.
  • Sustainability Reporting: It is reporting voluntarily to the stakeholders regarding impacts of various decisions and efforts...

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