Ohhh....What should I do, my work involves GAAP but I have forgotten everything!
So you want to learn about GAAP?
Who are you????
Let me first ask you, do you know what GAAP stands for?
Umm.... NO
Well, GAAP stands for generally accepted accounting principles
Okay... but what is it exactly?
Now I know something about GAAP!
Also, GAAP must be followed when a company distributes its financial statements outside of the company.
The purpose of GAAP is to ensure that financial reporting is transparentand consistent from one organization to another.
thank you! That is really good to know!
Remember, GAAP is only a set of standard. They do not provide any guarantee that a company's financial statements are free from errors or omissions that are intended to mislead investors.
Of course, GAAP covers such things as revenue recognition, balance sheet item classification and outstanding share measurements
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