Problem:
A significant function of environmental accounting is to bring environmental costs to attention of corporate stakeholders who might be motivated to identify manners of reducing those costs along with enhancing environmental quality
Required:
Question 1: Illustrate out briefly, with illustrations, the meaning of following cost terms:
i) Regulatory costs
ii) Voluntary costs
iii) Lifecycle costs
iv) Contingent liability cost
Question 2: Illustrate why Environmental costs and performance deserve management attention.
Question 3: Cost allocations using Environmental accounting approach might be more beneficial to the organisation than using traditional accounting approach. Discuss and illustrate out.