Triple bottom line

Question 1

Triple bottom line

The triple bottom line in business requires that entities should pay attention to social and environmental concerns in the same note as they do for profits. The first bottom line that is profits should be put into focus with the other two that include people, and the planet. Entities should, therefore, use eco-friendly measures in their production processes. Focus should be on the company’s corporate social responsibility. The impact of the company on the environment in the long term should also be brought under scrutiny.

Actions by the management

There has been an increased prominence in corporate social responsibility in the recent past. It has been seen as a means through which corporates can sustain business value and acceptable social behavior. The market value of the company dropped by 23 percent by September 2015 that greatly impacted the overall profitability. There were impacts on the trust levels and reputation of the company. The scandal also led to the lowering of morale among employees, reduction of investor confidence, and it also affected customer satisfaction.

Massive changes were also made regarding the management in place that not only cut costs but also overhaul the culture within the organization. The management that was in place had some degree of tolerance to rule-breaking, and the effects could be traced in the inability to address the diesel scandal.  Corporate mindset makes it possible for considering all aspects of a business that include care for the environment, having the appropriate personnel, and the planet. It is also important to speed-up the decision-making process, increase organizational efficiency, and reduce complexity in operations. The company has worked towards embedding social responsibility and sustainability in the fabric of organizational processes.

Question 2

Factors to consider in choosing a business structure

The factors to consider before choosing a business structure will include, first, the ease with which the business can be started. The termination process will also be important being a business set in a foreign country. The related costs in starting the business will also be important to consider. High costs at the initial phase will affect the bottom line. The available information about the market we are to venture in will also guide the decision-making process. The taxes associated with the different structures are also to be considered. It includes a cost component to a business and hence its importance in decision making.

Disadvantages and advantages

A sole proprietorship is easy to start and wind up. There are no consultations among the partners before starting the business entity. It also has the advantage of sharing in the whole profits between one partner as compared to a partnership. The disadvantages include assuming the business risks alone, and it comes to an end with the incapacitation or death of a partner. The advantages of a partnership lie in diverse opinions leading to better decisions. More capital will also be available to the business. The disadvantages will include a long process before decisions are made as it needs consensus among the partners. Second, sharing of liabilities even if they are incurred with the other partner.

Question 3

Financial statement purposes

Balance sheet

It is used to reveal the financial status of the company at a specific point in time. It shows what an entity owns, which are the assets and what it owes, indicated as liabilities. It also shows what the shareholders have invested in the company as equity.

Income statement

The income statement is used to show how much the business has made. It is represented in terms of loss or profits. The importance lies when several income statements from different periods are grouped together so that they can show trends. Profits can be used by an investor to show the viability of a business.

Errors made and their treatment

Correctly indicating the different items in both the income statement and balance sheet makes it easy for reporting. It will be easy for an organization to be assessed on its value and the level of profits made. First, with items in the statement of profit and loss, cash at bank is a current asset and is supposed to be a balance sheet item. Accounts receivables are the debtors, and they form part of the balance sheet under current assets. Income received in advance should be deducted from the respective income and debit entry made in the balance sheet under the current liabilities. Under the expenses, prepaid rent is an asset, and therefore it is a balance sheet item. It should, therefore, be eliminated from the income statement where the expense alone will be recognized.

The items under the balance sheet not appropriately placed include supplies that form part of the current liabilities of the company. Motor vehicles are non-current assets. The bank loan cannot be under the current liabilities as it is not repayable under one year. It is a long-term liability. Liabilities that are to be settled for a period exceeding one year are classified as long-term liabilities.

Question 4

The positive net cash flow from operating activities essentially means that the company has been in a position to trade and collect revenues when they fall due. The superior inflows show that the company has been in a position to sell its goods above the cost price. Taxes were paid over the same period an indicator of profits made by the company. The company has also made investments in assets. It indicates its willingness to operate within the foreseeable future.

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