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GAAP
Updated: 2/18/2020
GAAP
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Storyboard Text

  • Hey man make sure you record the things your business buys for what the actual price was. its called the cost principle
  • wow thanks, that's good to know.
  • Business
  • Maybe thats why my balance sheets have been messed up.
  • hey you better make sure that your building gets revalued every few years to make you balance sheets accurate.
  • I think my business is going under what do I do?
  • Then you keep on going on with your financial statements, this is called the going concern concept.;
  • I've been cheating my finances to make my monthly spendings equal haha.
  • Hey, Im the CICA and your arrested.
  • I love stealing from my company it makes me rich and I dont have to pay taxxes hehe.
  • Hey your a bad guy and should go to jail for that. I' calling the CICA
  • When I value my assets I take the highest number possible to make it look like I make lots of money.
  • That's messed up man. Your violating the Principle of conservatism
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