Basic objectives[ edit ] Financial reporting should provide information that is: Useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions Helpful to present to potential investors and creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts about economic resources, the claims to those resources, and the changes in them Helpful for making financial decisions Helpful in making long-term decisions Helpful in improving the performance of the business Useful in maintaining records Basic concepts[ edit ] To achieve basic objectives and implement fundamental qualities GAAP has three basic assumptions, four basic principles, and five basic constraints. Assumptions[ edit ] Business Entity:
The following list of principles incorporate the characteristics and values that most people associate with ethical behavior. Ethical executives are honest and truthful in all their dealings and they do not deliberately mislead or deceive others by misrepresentations, overstatements, partial truths, selective omissions, or any other means.
Ethical executives demonstrate personal integrity and the courage of their convictions by doing what they think is right even when there is great pressure to do otherwise; they are principled, honorable and upright; they will fight for their beliefs.
They will not sacrifice principle for expediency, be hypocritical, or unscrupulous. Ethical executives are worthy of trust.
They are candid and forthcoming in supplying relevant information and correcting misapprehensions of fact, and they make every reasonable effort to fulfill the letter and spirit of their promises and commitments. They do not interpret agreements in an unreasonably technical or legalistic manner in order to rationalize non-compliance or create justifications for escaping their commitments.
Ethical executives are worthy of trust, demonstrate fidelity and loyalty to persons and institutions by friendship in adversity, support and devotion to duty; they do not use or disclose information learned in confidence for personal advantage.
They safeguard the ability to make independent professional judgments by scrupulously avoiding undue influences and conflicts of interest. They are loyal to their companies and colleagues and if they decide to accept other employment, they provide reasonable notice, respect the proprietary information of their former employer, and refuse to engage in any activities that take undue advantage of their previous positions.
Fair persons manifest a commitment to justice, the equal treatment of individuals, tolerance for and acceptance of diversity, the they are open-minded; they are willing to admit they are wrong and, where appropriate, change their positions and beliefs.
Ethical executives are caring, compassionate, benevolent and kind; they like the Golden Rule, help those in need, and seek to accomplish their business objectives in a manner that causes the least harm and the greatest positive good.
Ethical executives demonstrate respect for the human dignity, autonomy, privacy, rights, and interests of all those who have a stake in their decisions; they are courteous and treat all people with equal respect and dignity regardless of sex, race or national origin.
Ethical executives abide by laws, rules and regulations relating to their business activities. Ethical executives pursue excellence in performing their duties, are well informed and prepared, and constantly endeavor to increase their proficiency in all areas of responsibility.
Ethical executives are conscious of the responsibilities and opportunities of their position of leadership and seek to be positive ethical role models by their own conduct and by helping to create an environment in which principled reasoning and ethical decision making are highly prized.
Ethical executives acknowledge and accept personal accountability for the ethical quality of their decisions and omissions to themselves, their colleagues, their companies, and their communities.Business is very simple.
To succeed, an entrepreneur simply needs to follow the universal laws of business. Whether the business is a one-person shop or a billion-dollar conglomerate, they are governed by the same business principles.
Basic Principles and Practice of Business Administration [Dr.
Ambrose E. Edebe] on heartoftexashop.com *FREE* shipping on qualifying offers. The primary purpose of this book is to provide students and others with a concise, thoroughly up-to-date book which will enable them to obtain a sound knowledge of the basic principles and practice of business administration for examination and practical purposes.5/5(1).
Basic business principles for all small business entrepreneurs and start-ups. The primary goal of each article is to educate and provide insight, guidance and knowledge to the small business entrepreneur. BASIC BUSINESS PRINCIPLE GROUPS.
* The Atlanta and Orlando Learning Sites are designed to provide students with the benefits of a South University experience at a convenient location.
Not all programs are offered at our Learning Sites. † This South University school is currently not accepting new students. Ethical Principles for Business. 12 Ethical Principles for Business Executives Ethical values, translated into active language establishing standards or rules describing the kind of behavior an ethical person should and should not engage in, are ethical principles.
Basic business principles for all small business entrepreneurs and start-ups. This section provides insight into start-up procedures, finding capital resources, utilizing government resources and general guidance for all small business owners.