Evidence of Critical Thinking includes application, analysis, synthesis and evaluation.
Question Preview:Over the last four weeks of this course, students are required to reflect on the themes, issues, challenges and approaches presented in ONE of the course lectures (and the corresponding tutorial) on Business and Social Responsibility, through their writings in a reflective journal. In this assessment task, students are required to demonstrate not only their understandings of the concepts and issues raised and the content presented, but also their considerations of the implications of these issues at multiple levels (e.g. personal, local, international etc.). For information on style of w...
One of the challenges explained in case of social responsibility is the issue of choosing between profits and welfare. These aspects are crucial and also at times, there are huge opportunity costs involved. CSR leads to value creation incorporated into business strategy and developing human capital and integrates business into the community. It also inspires and motivates the employees to give in their best as they are required to give better quality and additional value to the customers and so societal welfare is extremely crucial in a business organization.
The implementation of any societal welfare measure requires investment of time, effort and money. In case of a joint stock company, shareholders form an extremely important part of the organization. They are its true owners and highest possible returns on their investments is an important duty of the management. But in order to be socially responsible organizations have to let go of a small part of this profits. It has been explained in theory that society has given a business all of the required resources and infrastructure for carrying out the business and so it is necessary that they give back to the society (Chin, MK, Hambrick, DC and Treviño, LK 2013).
This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.