Defintions

Question 1

Define Cash Equivalents

Answer 1

short-term highly liquid investments that are readily convertible to a known amount of cash.

Question 2

Define Ethics

Answer 2

The moral principles or standards that govern the conduct of a person/organization that knows the difference between right and wrong behavior.

Question 3

Define Integrity

Answer 3

Bein straightforward and honest in all of your dealings.

Question 4

Define Objectivity

Answer 4

Being impartial and unbiased. Making a decision based on facts.

Question 5

Define Professional Competence

Answer 5

Having the skills, knowledge and understanding to be able to perform a skill to the appropriate professional standard.

Question 6

Define Due Care

Answer 6

The care that an accountant would be expected to take to perform to a professional standard.

Question 7

Define Confidentiality

Answer 7

Not disclosing sensitive information that would not be available to the public.

Question 8

Define A steward

Answer 8

A person who is appointed to look after money or property that belongs to another person/organization.