Accounting Technology – NBC Institute

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

Question

a. Digital transformation in the finance and accounting industry was accelerated by the technological development following the COVID-19 pandemic, which reshaped business models and organizations globally. For many organizations, the impetus to full digital adoption and transformation was a major enabler for survival and growth.

Required:
Identify and explain various ways in which finance executives can embrace digital transformation in accounting, financial, and corporate reporting.
(10 Marks)

b. Westham PLC is a multinational energy group recently quoted on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). Among its many activities, the group operates an oil refinery in Nigeria, a nuclear waste disposal facility in South Africa, and a coal extraction facility in Kenya.

The finance director of Westham PLC is aware that other companies in similar sectors are including social responsibility and environmental reports as part of their corporate annual reports.

Required:
i. Identify and explain the requirements for including this type of information in corporate annual reports in Nigeria.
(2 Marks)

ii. Discuss the benefits of publishing social and environmental reports.
(3 Marks)

Answer

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Topic: Introduction to Corporate Reporting
Series: NOV 2023

FA – May 2024 – L1 – SA – Q8 -Virtual Accounting: Digitisation

Defines digitisation in the context of accounting.

Question

Which of the following best describes the concept of digitisation in accounting?

A. Digitisation is the process of converting digital files into physical formats for easier storage and retrieval.
B. Digitisation refers to the use of digital technologies to create invoices and receipts.
C. Digitisation involves converting physical accounting records, such as invoices and receipts, into a computer-readable format using digital technologies.
D. Digitisation is the practice of manually entering accounting data into a computer system to ensure accuracy.
E. Accounting digitisation is solely focused on minimising human involvement in financial processes to increase efficiency.

Answer

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Tags: Accounting Technology, Digital Records, Digitisation
Level: Level 1

Topic: Virtual Accounting: Digitisation
Series: MAY 2024

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

Question

Required:
Identify and explain various ways in which finance executives can embrace digital transformation in accounting, financial, and corporate reporting.
(10 Marks)

The finance director of Westham PLC is aware that other companies in similar sectors are including social responsibility and environmental reports as part of their corporate annual reports.

Required:
i. Identify and explain the requirements for including this type of information in corporate annual reports in Nigeria.
(2 Marks)

ii. Discuss the benefits of publishing social and environmental reports.
(3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Topic: Introduction to Corporate Reporting
Series: NOV 2023

FA – May 2024 – L1 – SA – Q8 -Virtual Accounting: Digitisation

Defines digitisation in the context of accounting.

Question

Which of the following best describes the concept of digitisation in accounting?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Technology, Digital Records, Digitisation
Level: Level 1

Topic: Virtual Accounting: Digitisation
Series: MAY 2024

Question Tag: Accounting Technology

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CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

FA – May 2024 – L1 – SA – Q8 -Virtual Accounting: Digitisation

Defines digitisation in the context of accounting.

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

FA – May 2024 – L1 – SA – Q8 -Virtual Accounting: Digitisation

Defines digitisation in the context of accounting.

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CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

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FA – May 2024 – L1 – SA – Q8 -Virtual Accounting: Digitisation

Defines digitisation in the context of accounting.

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CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

You're reporting an error for "CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting"

FA – May 2024 – L1 – SA – Q8 -Virtual Accounting: Digitisation

Defines digitisation in the context of accounting.

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