Ethics - ANSWER Individual standards or moral values regarding what is right and
wrong or good and bad
Business Ethics - ANSWER Ethical or unethical behaviours by a manager or employee
of an organization.
Managerial Ethics - ANSWER Standards of behavior that guide individual managers in
their work
Conflict of Interest - ANSWER Occurs when an activity benefits the employee at the
expense of the employer
Corporate Social Responsibility - ANSWER The idea that a business should balance its
commitments to individuals and groups that are directly affected by the organization's
activities
Fair-Trade Movement - ANSWER A movement designed to help workers in developing
countries receive fair payments for their work
Organizational Stakeholders - ANSWER Groups, individuals, and organizations that are
directly affected by the practices of an organization and that therefore have a stake in its
performance
Consumerism - ANSWER A social movement that seeks to protect and expand the
rights of consumers in their dealings with businesses
Whistle-Blower - ANSWER An individual who calls attention to an unethical, illegal,
and/or socially irresponsible practice on the part of a business or other organization
Insider Trading - ANSWER The use of confidential information to gain from the
purchase or sale of stock
Pollution - ANSWER The introduction of harmful substances into the environment
Recycling - ANSWER The reconversion of waste materials into useful products
Service Operations - ANSWER Production activities that yield tangible and intangible
service products
Goods Production - ANSWER Production activities that yield tangible products
Utility - ANSWER The power of a product to satisfy human want; something of value
, Operations Process - ANSWER A set of methods and technologies used to produce a
good or a service
Just-In-Time (JIT) Production Systems - ANSWER A method of inventory control in
which materials are acquired and put into production just as they are needed
Material Requirements Planning (MRP) - ANSWER A method of inventory control in
which a computerized bill of materials is used to estimate production needs, so that
resources are acquired and put into production only as needed
Bill of Materials - ANSWER Production-control tool that specifies the necessary
ingredients of a product, the order in which they should be combined, and how many of
each are needed to make one batch
Manufacturing Resource Planning (MRP II) - ANSWER An advanced version of MRP
that ties together all parts of the organization into the company's production activities
Quality Control - ANSWER The management of the production process so as to
manufacture goods or supply services that meet specific quality standards
Controller - ANSWER The individual who manages all the firm's accounting activities
Financial Accounting System - ANSWER The process whereby interested groups are
kept informed about the financial condition of a firm
Managerial (or Management) Accounting - ANSWER Internal procedures that alert
managers to problems and aid them in planning and decision making
Chartered Professional Accountant (CPA) - ANSWER The banner (designation) that is
being used to unify the accounting profession in Canada
Chartered Accountant (CA) - ANSWER An individual who has met certain experience
and education requirements and has passed a licensing examination; acts as an
outside accountant for other firms
Certified General Accountant (CGA) - ANSWER An individual who has completed an
education program and passed a national exam; works in private industry or a CGA firm
Certified Management Accountant (CMA) - ANSWER An individual who has completed
a university degree, passed a national examination, and completed a strategic
leadership program; works in industry and focuses on internal management accounting
Audit - ANSWER An accountant's examination of a company's financial records to
determine if it used proper procedures to prepare its financial reports