Question

Accounting

Bookkeeping

Insurance

Lending Services

Credit Management

Mercantile Management

Banking

Superannuation

Financial Planning

Credit Unions

Credit Checking

Managed Investments

Conveyancing

Finance, Mortgage and Insurance Broking

Loss Adjusting

Risk Management

Financial Markets

Workers’ Compensation

Assuming you are working in one of the industries above or simulated working environment, outline how your work practices are effected, in particular with respect to relevant legislation, regulations and codes of practice, and organisational policy, guidelines and procedures. Discuss how triple bottom line principles can be applied to your own work planning and practices.

Answer 1

                                                                Outline

Introduction- We require to know and follow all rules, regulation, principle of our work, than we can perform better in our field. In accounting and book keeping field this rule is applicable.

Body- These laws, rules, regulation directly affected my work of accounting and book keeping in following manner like:-

•             We require know all basic rules, principles of book keeping and accounting, like we should know double entry system, journal entries rules etc.

•             We should know format of all financial statement and accounts which are require to make during work, like Trail balance statement, Income statement, Balance sheet formats etc.

•             There are policies and procedure of every organization to comply these rules, regulation, laws.

•             Some time we require to take expert consultant service in regard to special problems of our work, like how to valuation of goodwill, patent and copyright of organization

Conclusion- Every person who want to get expertise in accounting and bookkeeping require to get knowledge of Accounts and book keeping and also related subject & field like finance, taxation, cost management, auditing etc., otherwise he will face many problem during perform his duties.

We can use triple line principle in our accounting and book keeping work for long term profitability, growth with compliance of related rules, laws.

There are social, environment, economic are the three variables of triple line principle. We should keep coordination between these variable in a way that viable and sustainable factor focus to compliance in our accounting and book keeping work.