Quiz: Accountability through Disclosure

What is the difference between accountability and accounting?

• Accountability focuses on financial statements, while accounting is about managerial decisions.

• Accountability involves giving reasons for conduct, while accounting deals with bookkeeping.

• Accountability is about ethics, and accounting is about environmental impact.

Who is held accountable for the organization's actions?

• The Chief Operating Officer (COO)

• The Financial Director (FD)

• The Chief Executive Officer (CEO)

Mark Zuckerberg, CEO of Facebook, was held accountable in 2018 for which of the following reasons?

• Facebook's stock price collapsed

• Facebook was selling data without users' consent

• Facebook was involved in a major acquisition without disclosure

To whom are businesses accountable when following the principle of CSR?

• Their stockholders only

• All their stakeholders

• Their auditors and accountants

What are the two main types of financial statements used for accountability?

• Balance sheet and profit & loss account

• Cash flow statement and marketing report

• Inventory report and balance sheet

Which financial reporting standards are currently applied to most countries around the world?

• US GAAPs

• European Accounting Standards (EAS)

• International Financial Reporting Standards (IFRS)

Why are social and environmental reports important for organizations today?

• They are a new form of marketing for corporations.

• NGOs, government bodies, and the public monitor them for ethical conduct

• They ensure compliance with accounting standards.

What does CSR accountability ensure in terms of social responsibility?

• Financial growth for shareholders

• Ethical practices and sustainability towards society and the environment

• Business expansion into global markets