ACCT 2102 1st Edition Lecture 2 Outline of Last Lecture:I. Accountants and their jobsII. EthicsOutline of Current Lecture: III. Sustainability and Social Responsibility IV. Triple Bottom LineCurrent Lecture: Introduction to Managerial Accounting (Chapter 1, Part 2)III. Sustainability and Social Responsibility- What does “sustainability” mean? o The ability to meet the needs of the present without compromising the ability of future generations to meet their own needso Expansion of the golden rule “Do unto others, including future generations, as you would have them do unto you.”o Triple bottom line- a company’s performance should not only be viewed in terms of its ability to generate economic profits for its owners, but also by its impact on- Why should businesses care about sustainability? How does it impact them?o Sustainability is used for internal decision-making and the creation of new policies that will have an effect on the organization's performance at economical,ecological, and social levels.o Businesses are now viewing sustainability and social responsibility as opportunities for innovation and business development.IV. Triple Bottom Line: people, planet, and profit• Aside from governmental agencies and not-for-profit companies, all companies are in business to generate profits. What are the two basic ways of generating more profit? These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.1. Increase the demand for the company’s products and services2. Do business in a way that causes fewer negative consequences on the earth’s
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