GAAP Comic

GAAP Comic

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  • Other than that, the rest is good though, right?
  • Well the format is not exactly in line with the IFRS. You have assets and liabilities on the left side, and OE on the right side
  • If you make sure you are in line with the GAAP or Generally Accepted Accounting Standards, you will be fine next time!
  • Oh my god. I messed everything up! 
  • There won't be a next time, I'm bringing my stuff to you
  • Well, that is always am option
  • International Financial Reporting Standards (IFRS) and Balance sheet format- classified balance sheets must have assets listed in order of liquidity; most liquid to least, and liabilities must be listed from current to long term. Assets always on LS, liabilities and OE always on RS. Statement of financial position is the opposite. Long term assets first, then current, and OE, then long term liabilities, then current.
  • Well thank you for all your help, Mr. Milano
  • Anytime, Adam. See you soon!
  • Mr. Milano examines the balance sheet 
  • Wow, I guess I wasn't as good at accounting as I thought. Well now I know for next time to stay in accordance with GAAP
  • Whenever doing any accounting work, make sure you are up to the standards of GAAP, and if you have any questions, seek help
  • Cost Principle- Requires accountants to record the value of assets at their historical cost price
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