Accounting and Business Ethics Lecture Review

These flashcards cover the essential vocabulary and concepts from the lecture on accounting and business ethics, providing a useful study tool for reviewing key terms and definitions.

Group Communication

It is important for members to notify others when leaving or joining groups to maintain fairness and awareness.

Business Ethics

Standards of behavior and moral values that companies and professionals are expected to uphold.

Corporate Social Responsibility (CSR)

The responsibility of companies to act in the best interests of their environments and societies.

Environmental Social Governance (ESG)

A framework used to evaluate a company's performance in ethical and sustainable practices.

Financial Statements

Reports that summarize the financial performance and position of a business.

Double Entry Bookkeeping

An accounting system that records each transaction twice, as a debit in one account and a credit in another.

Auditor

A professional who examines and verifies financial records.

Risk Management

The process of identifying, assessing, and controlling risks that could impact a business.

Whistleblowing

The act of reporting unethical or illegal actions within an organization.

Statement of Cash Flows

A financial statement that summarizes cash inflows and outflows from operating, investing, and financing activities.