Integrating Ethics into Practice - Essay Example

1. Among the accounting concepts listed on the FASB website, choose 2–3 key concepts and expand on their significance. a. Going concern – perhaps this is the most significant of all FASB concepts because this meant the continuity of a business enterprise. Basically, this is the primary purpose of a business that it should continue to be operational and profitable as an enterprise.b. Cost – is related to going concern. Because too much cost may undermine the going concern of a business.

Costs meant the amount of money expended to avail of the materials and services to keep the business running. Business in general exerts effort to keep this within manageable limit.2. How have the concepts you selected applied to your professional experiences and is that application likely to change in the near or distant future? 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.3. How do the 11 concepts impose on the performance of your regular duties? How does ethical practice complement the 11 concepts?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 to.