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Corporate responsibility
means a company acts honestly, follows the law, and is transparent.
Submitting financial information accurately and on time is part of that responsibility.
Good marketing
It makes the company look responsible and trustworthy to the public.
Happier employees
When information is done correctly, things run smoothly and employees feel less stressed.
Attracts customers
Customers like companies they believe are honest and loyal.
Better reputation
It shows the company knows what it’s doing and can be trusted.
How could this go wrong?
Big fines → The company can get hit with expensive penalties.
IRS problems → Filing late can catch the attention of the IRS, which can lead to audits or legal trouble.
Loss of trust → Other companies or investors might think the business is hiding bad results or doing something dishonest.