To pass this unit, please study the 20 vocabulary words below.
- arising from
- billable
- commodity
- compliance
- cottage industry
- duplication
- estimate
- In conjunction with
- integrate
- merge
- outsource
- prior
- range of
- reallocation
- red tape
- speculate
- stay afloat
- take into account
- trend
- undertake
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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to do, or begin to do something
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"He needs to undertake correct budgeting practices."