"CLEP Financial Accounting," Vocabulary from Chapter 8

This list focuses on controls and ethics.

Here are links to all the chapters of the test prep book published by Research & Education Association: Chapter 1, Chapter 2, Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Chapter 8, Chapter 9, Chapter 10, Chapter 11, Chapter 12, Chapter 13, Chapter 14, Chapter 15, Chapter 16, Chapter 17, Chapter 18, Chapter 19, Chapter 20
25 words 18 learners

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Full list of words from this list:

words only definitions & notes
  1. institute
    an association organized to promote art or science
  2. professional
    characteristic of or befitting a special line of work
  3. organization
    the persons who make up a body administering something
  4. code
    a set of rules or principles or laws
  5. ethics
    the philosophical study of moral values and rules
  6. bond
    a certificate of debt issued by a government or corporation
  7. insurance
    contract or certificate of protection against future loss
  8. policy
    written contract or certificate of insurance
  9. internal
    occurring within an institution or community
  10. control
    the activity of managing something
  11. procedure
    a particular course of action intended to achieve a result
  12. behavior
    manner of acting or controlling yourself
  13. adherence
    faithful support for a cause or political party or religion
  14. legal
    established by or founded upon law or official rules
  15. protection
    defense against financial failure; financial independence
  16. authorization
    official permission or approval
  17. oversight
    management by watching and directing a person or group
  18. conflict
    a state of opposition between persons or ideas or interests
  19. collusion
    agreement on a secret plot
  20. manager
    someone who controls resources and expenditures
  21. material
    having substance or capable of being treated as fact
  22. significant
    important in effect or meaning
  23. disclosure
    the act of making something evident
    Accounting ethical issues mainly have to do with hiding information. Accounting information is not complete without notes that disclose what the financial statements do not.
  24. principle
    a rule or standard especially of good behavior
    The Materiality Principle says that businesses should pay for more accurate information only if it is material to making business decisions. "Material" means large enough to affect decision making.
  25. clue
    evidence that helps to solve a problem
    On the CLEP exam, you must know the difference between accounting principles (they define what numbers go on financial statements) and accounting ethics (they say that companies must disclose even more in the notes to the financial statements).
Created on Wed Nov 02 11:34:13 EDT 2016 (updated Wed Dec 14 00:07:57 EST 2016)

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