1. The major stakeholders in the debate of the health warning are Mary Bender; she is the marketing manager of Big Business Tobacco, Randall Hedges; he is the public relation manager in Big Business Tobacco. In the above debate both of them are truly fulfilling theirs as per their position in the company. Mary Bender is concentrating on the company’s bottom line which is her role in serving the company. Whereas, Randall Hedges concentrating on the corporate responsibility factor. Corporate responsibility is very much important for the company (Valentine et al., 2015). This helps the company securing itself from many legal responsibilities. He is also looking to the fact of health hazard which is most importantly very much necessary as per complying with the fact of looking for a health of the customers. Corporate responsibility aims as fulfilling the goals, aims and objective of the company in a parallel way thinking to the society of the company. Nowadays, implementation of CSR activity has been very important for any company. CRS activity helps the company from getting affected by any legal or societal problems (Navi 2012).
2. The ethical issue helps a company in bringing the system of moral and principles into conflict. Ethics is that branch of study which includes the way in which the people should live based on same morality. The ethical issue deals in distinguishing what is correct and what is incorrect, what is bad and what is good and what are the correct responsibilities one should follow. The basic goal of ethics is to have the people live their life in a proper way. According to the debate, the ethical issue involved is the involved is the looking to the fact of “health hazard” which is very much necessary to look into. If the health hazard factor is not taken into consideration, then many issues will arise not only the ethical issue (Dion 2015). Here, Randall Hedges the public relation manager of BBT urges for including the warning on the pack of cigarettes will help in complying with the ethical issue as well as fulfilling the CSR activity in their company. The inclusion of this warning will also help the in fulfilling the legal aspect of the Australian law. He also has looked through the medical findings which have forecasted the thousands of deaths from due to cigarette smoking specifically in the developing countries. So from the above discussion most importantly the ethical issue arise ignoring to the health factor of the customers and concentrating on the only fact of the bottom line, i.e., Profit of the company (Fifka 2013).
3. Randall Hedges is thinking of the about the fact of ‘health hazard’ which will enable him to fulfill to the fact of CSR and Ethical Issue factor. Being a public relation manager, he is trying to fulfill his responsibility by thinking about the company as well as the society. The health warning inclusion factor is helping in fulfilling his responsibility for thinking of the society, so that by reading the warning on the pack of cigarette at least some of the people in the society can get saved from not having the cigarette. Implementation of health warning will also help the company in complying with the Australian law. If the company is fulfilling the CSR activity, it will help the company in fulfilling the and achieving its long-term goal (Leipziger 2015).
1. Yes, Phil and Josephine are fully liable for the mistake they have conducted. They should not have overlooked the tax liabilities for the companies. The payment of tax is a very important duty of each and every individual of any country (Wilson-Rogers and Pinto 2015). Non-payments of tax will lead to penalties. The tax is one of the sources of revenue for the country to run the company. If anyone does not pay tax, he has to go through penalties. Legal action might be taken against the people who are not paying the tax after several numbers of notice and reminder. If a timely tax is not paid then, the company’s license will be cancel, and it will be considered as illegally conducting the business. Australian Taxation Office is the governing body for taxation or statutory agency for collection of the revenue of the Australian government. Australian Taxation Office has legislation body as Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 (Deegan 2012).
2. As being a director of the company, Phil and Josephine should follow all the rules and regulation for running the company. The rule for continuing the company is to have at least minimum two directors to run the company. There are many task and responsibilities of the directors who are as follows:
1.
Particulars |
Amt $ |
Asset |
56000 |
Liability |
38000 |
Profit |
18000 |
2.
Particulars |
Amt $ |
Asset |
56000 |
Liability |
38000 |
Drawings |
15000 |
Profit |
3000 |
3.
Particulars |
Amt $ |
Asset |
56000 |
Liability |
38000 |
Drawings |
12000 |
Capital |
2000 |
Profit |
4000 |
1. The transactions with increase in asset as well as increase in liability:
2. The transactions with decrease in one asset and increase in another asset:
3. The transactions for decrease in asset as well as decrease in equity:
4. The transactions for increase in asset as well as increase in equity:
5. The transactions for Decrease in liability as well as decrease in asset:
Reference List
Deegan, C., 2012. Australian financial accounting. McGraw-Hill Education Australia.
Dion, M., 2015. Is money laundering an ethical issue?. Journal of Money Laundering Control, 18(4), pp.425-437.
Fifka, M.S., 2013. Corporate Responsibility Reporting and its Determinants in Comparative Perspective–a Review of the Empirical Literature and a Meta?analysis. Business strategy and the environment, 22(1), pp.1-35.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Leipziger, D., 2015. The corporate responsibility code book. Greenleaf Publishing.
Li, E. and Tran, A., 2016, December. An empirical analysis of the tax burden of mining firms versus non?mining firms in Australia. In Australian Tax Forum(Vol. 31).
Navi, S.T., 2012. Corporate social responsibility.
Valentine, S., Fleischman, G. and Godkin, L., 2015, January. Unethical Corporate Values, Bullying Experiences, Psychopathy, and Salespersons’ Ethical Reasoning. In Academy of Management Proceedings (Vol. 2015, No. 1, p. 11596). Academy of Management.
West, B., 2015. The eighth Accounting History International Conference: 19-21 August 2015, Ballarat, Australia. Accounting History, 20(4), p.539.
Wilson-Rogers, N. and Pinto, D., 2015. A mandatory information disclosure regime to strengthen Australia’s anti-avoidance income tax rules.
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