Sorry but you're wrong. Morality can mean either of those things. Morality as in what actually is right and wrong is called normative morality. Morality as in what people believe about right and wrong is called descriptive morality.
Is this a question concerning consequentialist ethics versus deontological decision-making? If so, I'd stick to deontology as a moralistic determinant whereas 'normative morality' probably wouldn't be a thing (from a standpoint valuing moral relativism) and commonly-accepted societal values would be determined by a preexisting ethical framework.