Integrating Ethics into Practice Essay Example | Topics and Well Written Essays - 250 words

Integrating Ethics into Practice - Essay Example The two concepts keep me in my toes as a business professional. Going concern keeps my eyes set on the ultimate goal as a professional to always keep the business functional and viable. All other concepts will become nil if the business will stop its going concern. Costs tests my acumen as a business professional because it determines how well I keep this within a controllable limit to keep the business operational and profitable and sustain it as a going concern business. The 11 FASB concepts which are money measurement, Entity, Going concern, Cost, Dual aspect, Accounting period, Conservation, Realization, Matching, Consistency and Materiality sets the guidelines of the ethical practice of an accounting professional and a business person. This serves as the standards of the Generally Accepted Accounting Principles (GAAP) whereby financial statements that are prepared by a business should conform