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Short Answers
1. Accounting profession use the results of behavioural research in accounting because behavioural research intends to discover out how people make assumptions and communicate and impact other individuals, organisations, industries and cultures. The attributes of participants, decision-making frameworks, options for transmitting accounting knowledge to users and the actions of financial regulation creators are also checked. Behavioural accounting is a subset of financial reporting that is related to behaviour in addition to accounting expertise. Accounting professional employed psychological concept in financial reporting when pursuing any new business strategy or while making financial or non-financial decision-making or investment decision. Accounting professionals recommend behavioural analysis before making any investment decisions, since the financial market is filled with uncertainty and the market is completely dependent on investor emotions, so it is very clear that they first evaluate market behaviour and then make any investment decisions (JamesE.Sorensen, 1990)
2. Accounting structures in various countries vary as a result of variations in financial reporting standards, concepts and disclosure. Accounting variability around country territories is likely to be the impact from a variety of variables, particularly discrepancies in accounting and disclosure laws (GAAP differences), discrepancies in administrative conduct and the extent of consistency among monetary and taxation accounting. For instance, there are variations in the concepts of cost accounting, depletion, taxing and reporting, etc., which result in discrepancies in accounting frameworks. The disparity in management behaviour in different nations may be another explanation for variation (SChaudhary, 2020)
3. The Brunswik Lens Model is a form of thought process about explaining the correlation among the environment and the behaviour of individuals in the environment. One way to see the choices individuals develop and how they make is through the Lens Model of Brunswik. Two sides to the lens model:
· The right-hand side discusses how the decision-maker utilizes and uses stimuli (processes, suggestions, etc) to come to a conclusion.
· The left-hand side discusses the correlation among the real result or phenomenon and the related patterns. Statistically, the model is employed to attempt to establish a method of prediction.
The design suggests that the decision-making phase consists of three basic aspects:
I. Basic details in the decision-making circumstance: Each time a person makes a decision, he or she has at his discretion a variety of clues or markers which he or she may or may not use as aids in the entire process.
II. The decision actually taken by the decision-maker: Any decision-making process must result with a response of some kind even if the reaction is clearly a decision not to respond, it is probably fair to assume that a reaction of some kind has been made. The decision-making process often requires the option of action.
III. Optimised or right decision to be taken in that specific circumstance: Just as the event of activity on the basis of the decision-maker is examined, there is an ideal reaction or option connected with any action. This optimum decision is the optimal potential course of response that may actually have been preferred by the decision-maker in that specific situation. It is in a very real sense, the primary standard by which the individual decision can be judged.
The Lens Model is essentially a concise conceptual framework of the human decision-making method, which offers a range of quantitative indicators that enable us to research the human decision-making procedure (Psychology, 2020)
4. Critical accounting concept is used to contribute to a method of financial reporting analysis that extends further asking whether specific accounting approaches can be followed and rather reflects on the function of reporting in retaining the powerful status of those in charge of specific assets while suppressing or restricting the expression of those lacking investment. Critical perspective specifically examines how the practise of financial reporting continues to promote specific societal and socioeconomic systems (which are widely viewed as unjust by critical theorists) and confirms the uneven allocation of strength and resources through community.
Importance: Critical accounting theory is associated with promoting a sustainable world. It aims to deliver information that is challenging societal structures. It is said that it promotes only one element of the capitalist, which leads towards an unfair allocation of social privilege and wealth.
Long Answers
1. The triple bottom line definition incorporates economic, social and environmental aspects. The below explanation of the three main areas of TBL pre-empts the subsequent debate.
· Economic activities involve monetary results, operations linked to the influencing of desire for goods and services, workforce benefits, society involvement and regional procurement initiatives.
· Environmental impacts are defined by procedures, goods or services. They can involve air, water, land, natural resources, flora, fauna and human health.
· Social encompasses the care of minorities, inclusion, participation in influencing state, national and foreign public policy, labour issues and neighbourhood problems.
Triple bottom line (TBL) in statistics claims that businesses should be committed to concentrating on social and ecological issues as much as they do on income. TBL's philosophy claims that regardless of one bottom line, there must be three: benefit, citizens, and the earth. A TBL aims to evaluate the degree of dedication of a company to organizational social accountability and its effect on the ecosystem across period. In finance, whenever we talk about the bottom line of a business, we generally consider its earnings. The Elkington TBL paradigm promotes the aim of efficiency in corporate practises, where businesses aim above profitability to...