Unit 15: Vocabulary

To pass this unit, please study the 20 vocabulary words below.
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arising from
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
to do, or begin to do something
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He needs to undertake correct budgeting practices.
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