Unit 15: Vocabulary

Please study the 20 vocabulary terms below. Then press the Mark Complete button to continue.
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arising from
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To happen because of, or owing to.
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There are many costs arising from the purchase of new property.
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billable
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Time spent working that you can charge money for.
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Some firms charge a flat rate rather than using a system of billable hours.
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commodity
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A product, or financial product that can be traded.
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The firms most valuable commodity is its property.
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compliance
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The procedure of obeying a law, regulation or rule.
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Most large accounting firms have a compliance officer to ensure that all regulations are followed.
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cottage industry
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A business activity in which there are many individuals or small firms working.
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Large multinational firms are killing off the cottage industry in most sectors.
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duplication
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The practice of doing the same thing more than once.
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The company used both traditional ledgers and an accounting computer program to record transactions, but the duplication of work took too much time so they stopped.
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estimate
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To say what you believe the cost, size, value of something is when you are not certain.
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The government estimates that there are 3.5 million unemployed people in the country, but no one is sure.
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In conjunction with
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Combined with.
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The low number of graduates in conjunction with the high demand for their skills means finding a job is easy.
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integrate
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To combine two or more things to make it more effective.
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They are planning to integrate the sales and marketing departments.
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merge
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To join together, or be joined together - to make a larger company.
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When the two firms merged they became an industry leader.
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outsource
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To employ an outside company to do work for you.
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A lot of bookkeeping work is outsourced to India as salaries are much lower.
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prior
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Before, previous.
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He hadn't had any prior experience so he didn't know what he was doing.
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range of
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A set of similar products or services which are sold by a company.
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The firm offers a wide range of accounting solutions.
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reallocation
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Changing the way in which an amount of money, asset, time is used.
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The company's reallocation of funds from R&D into marketing, showed that they needed to improve their image.
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red tape
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Official rules and procedures which seem unnecessary and cause delay.
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International accounting is often delayed by red tape.
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speculate
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To guess, to form opinions without having all information.
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We can only speculate what accounting firms will look like in 200 years.
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stay afloat
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Have enough to remain in business.
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Many companies struggle to stay afloat in the current economic crisis.
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take into account
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To consider or remember something when evaluating a situation.
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The CFO didn't take the predicted rise in the price of fuel into account when budgeting for the year, so costs were higher than he expected.
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trend
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A general development or pattern in the way people behave.
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By studying current trends, we can get an idea of what will happen next.
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undertake
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To do, or begin to do something.
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He needs to undertake correct budgeting practices.
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