Task1. A significant function of Environmental Accounting is to bring environmental costs to the attention of corporate stakeholders who may be motivated to determine manners of minimizing those costs along with enhancing environmental quality.
Question1.what is meant by the term Environmental Accounting and briefly describe its importance?
Question2. Describe in brief, with illustrations, the meaning of following cost terms:
(i) Regulatory costs.
(ii) Voluntary costs.
(iii) Lifecycle costs.
(iv) Contingent liability cost.
Question3. Describe how the use of environmental accounting can assists in
(i) Cost allocation and,
(ii) Capital budgeting
Question4. Briefly explain four advantages an entity can obtain from adopting Environmental Accounting.