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  • Ummm does that follow GAAP standards?
  • Jim I want you to buy me a boat with the company money so I can go on vacations!
  • Hmmmm Hmm Hmmm
  • Sure thing boss...
  • Mom my evil boss has decided she wants to buy a boat under the company money for her own vacations!
  • Later that day...
  • I'm tending to the stove!
  • But she's violating the business entity concept!
  • Oh no!! You must stop her!
  • The next day
  • Now the ship is ours!!!
  • Oof
  • Right because it`s violating the business entity concept!
  • No it's not, he just fell off the edge! You can't buy this ship with company money if it's for your personal wants!
  • Okay I won't buy the boat the with company money for my purposes because that's wrong!
  • Exactly!
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