Question

Part B: 5 marks (maximum 300 words to answer both (i) and (ii) of Part B). 0) A part of an accountant's task is substantial involvement in setting financial targets and budgets within an organisation. Required: Describe how financial target setting can motivate employees within an organisation. Provide two examples to justify your answer.

Do you agree/disagree with the above statement? Justify your answer.

Answer 1

Answer

(i)

Financial target setting can motivate employees within an Organization in a following manner:

1 A vote of confidence can go a long way. By making them involve in setting financial targets in it shows the trust we have in our employees and this boost their morale to do the job effectively and efficiently.

2 By involvement of employees in setting target will lead to transparency of work and there will be no inferiority complex among employees and they will be aware about financial goals their contribution in achieving the same in the Organization. This will lead to better coordination among seniors and juniors.

(ii)

Agree with above statement

What is Sustainable development?

For the business enterprise, it means adopting business strategies to meet the needs of enterprise and its stakeholders today while protecting, sustaining and enhancing the human and natural resources that will be needed in the future.

The aim is to balance our economic, environmental and social needs, allowing prosperity for now and future generations. In order to attain sustainable economic performance, goals such as environmental and social performance should be considered in a manner given below:

1 Areas of business such as raw material use, waste production and energy use can all be looked at closely to identify savings.

2 Measuring your business' environmental impact can reveal areas where you could develop new services or products.

3 Encouraging employees to recycle and making it easy for them to do so can help you begin to establish a culture of sustainability. Set recycling goals for your team, and reward team members for meeting them.

4 Laws as prescribed should be strictly followed by companies producing chemicals and dumping waste and also license for the same should be obtained and renewed regularly for the benefit of society.