The concept is called 'conflict of interest', especially if your position on the board benefits you financially through your business.
The traditional concept of business is profit motive but the modern concept of business is service oriented.
According to this concept, business is treated as a unit separate and distinct from its owner.
Why is ethics seen as a fundamental business concept
the accounting concept that separate the personal account from the business account is business separate entity concept
business
what is the concept and nature of corporate policies
Business intity concept is all transactions that affect the firm. The business intitly does not affect the ownerÕs private transactions and will be recorded.
concept is also know as antity
The concept of the business is the idea that comprise of the basic information about the business. For example, the product or service, target market, demographics, unique selling proposition, competitors etc.
The basic concept in business is to keep the overhead/expenses low and profits high. This means good money management.
The importance of the entity concept in accounting is that you are able to determine the financial status of a business. The entity concept demands that the business and the owners should be treated as separate entities.
The concept of business development will vary depending on the culture. Since businesses operate based on customer demand, the culture will determine what services are demanded.