A significant function of Environmental Accounting is to bring environmental costs to the attention of corporate stakeholders who might be motivated to identify ways of decreasing those costs along with enhancing environmental quality.
Question1. What do you understand by Environmental Accounting and in brief describe its significance.
Question2. Explain in brief, with instances, 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 assist in
i) Cost allocation and,
ii) Capital budgeting
Question4. In brief describe four advantages an entity can derive from adopting Environmental Accounting.