Pretend that you are meeting a friend for coffee and they find out that you are taking an accounting ethics course. They excitedly ask you to help explain some terms that they have found confusing in the past. Help your friend understand the following concepts by explaining them in your own words: • Values • Ethics • Morals • Laws

See explanation below

Explanation: Values: is best defined that which is highly esteemed, such as one's morals, morality, or belief system.

Ethics: a set of moral principles, or the principles of conduct governing an individual or group. Rules and laws help individuals or groups to think about, develop and apply ethical standards.

Morals: deals with principles of right and wrong in behaviour (ethics), especially for teaching right behaviour. It is also conforming to a standard of right behaviour; sanctioned by or operative on one's conscience or ethical judgment.

Laws: are regulations that help ensure that those working in the investment industry fulfil their obligations. They also help protect the integrity of the financial system and promote fairness and efficiency of financial markets. It also applies to other areas of life too not just finance.