business entity concept(GAAP)

business entity concept(GAAP)
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Storyboard Description

Bob business has been failing so he seek helps from Jim who is also a business owner. Jim business is blooming with investors.

Storyboard Text

  • hey Jim I see that your business has been doing well
  • oh yes I have a pretty good balance sheet for my business 
  • why is your personal car on here?
  • It's one of my assets is it a problem?
  • you have to follow GAAP when doing your financial records, the business entity principle clearly states that your personal assets should be separate from those of the business
  • thank you bob ,now I know I'll be sure to not include them in my future records
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