XI.+Vocabulary


 * XI. Module 1000 Vocabulary**

__**Ethics**__: 1) the discipline dealing with what is good and bad and with moral duty and obligation; 2) (a) a set of moral principles: a theory or system of moral values; (b) the principles of conduct governing an individual or a group; (c) a guiding philosophy; (d) a consciousness of moral importance; 3) a set of moral issues or aspects (as rightness).

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__**Cost Accounting**__: a method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected, classified, and recorded. This data is then summarized and analyzed to arrive at a selling price, or to determine where savings are possible. In contrast to financial accounting (which considers money as the measure of economic performance) cost accounting considers money as the economic factor of production.

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__**Managerial (Management) Accounting**__: the process of preparing management reports and accounts that provide accurate and timely financial and statisticual information required by managers to make day-to-day and short-term decisions. Unlike financial accounting, which produces annual reports mainly for external stakeholders, managemente accounting generates monthly or weekly reports for an organization's internal audiences, such as department managers and the CEO. These reports typically show the amount of available case, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistics.

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__**Financial Accounting**__: a field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses. Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders.

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__**Business Ethics**__: moral principles concerning acceptable and unacceptable behavior by business people. Executives are supposed to maintain a high sense of values and conduct honest and fair practices with the public.

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__**Honesty**__: (a) fairness & straightforwardness of conduct; (b) adherence to the facts.

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__**Fairnes**____**s**__: (a) marked by impartiality and honesty: free from self-interest, prejudice or favoritism; (b) conforming with the established rules.

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__**Objectivity**__: 1) ability to view things objectively: the ability to perceive or describe something without being influenced by personal emotions or prejudices; 2) accuracy: the fact or quality of being accurate, unbiased, and independent of individual perceptions.

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__**Responsibility**__: the quality or state of being responsible: as (a) moral, legal, or mental accountability; (b) reliability, trustworthiness.

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__**Competence**__: 1) maintaining an appropriate level of professional expertise by continually developing knowledge and skills; 2) performing professional duties in accordance with relevant laws, regulations, and technical standards; 3) providing decision support information and recommendations that are accurate, clear, concise, and timely; 4) recognizing and communicating professional limitations or other constraints that would preclude responsible judgment or successful performance of an acitivity.

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__**Confidentiality**__: 1) keeping information confidential except when disclosure is authorized or legally required; 2) informing all relevant parties regarding appropriate use of confidential information. Monitor subordinates' activities to ensure compliance; 3) refraining from using confidential information for unethical or illegal advantage.

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__**Integrity**__: 1) mitigating actual conflicts of interest, regularly communicate with business associates to avoid apparent conflicts of interest. Advise all parties of any potential conflicts; 2) refraining from engaging in any conduct that would prejudice carrying out duties ethically; 3) abstaining from engaging in or supporting any activity that might discredit the profession.

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__**Credibility**__: 1) communicating information fairly and objectively; 2) disclosing all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations; 3) disclosing delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.

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