GAAP
Storyboard Text
- Slide: 1
- Oh! I'm so sorry to hear about that. I feel like I heard about this in one of the accounting classes I took in college. What was it? Ah, there it is! The going concern principle.
- That would be correct and now I'm worried that my company won't bounce back from this devastation.
- Hi young lady, why are you in my office crying?
- I'm so sorry you have to see me like this sir, but the warehouse of my hair supplies company just got destroyed by a tsunami.
- Did you create a company disaster recovery plan? One that includes contacting insurance and fixing repairs?
- How do you know so much as president of the United States? I completely forgot about that written document. Thank you for your help!
- Slide: 2
- In business, sweetie, company's must abide by something called the Full Disclosure Principle. This company lied about their financial standing by not including important details to describe the decline of their financial health, and therefore, put fraudulent information on their records. Later they got caught and since their business was already in bad shape, all efforts to restructure the company failed.
- CLOSED
- Dad, why did this business close for good?
- Slide: 3
- Hey Samantha, I saw that you completed the records regarding O'Hare's financial transactions, but I was curious on why there is both U.S. dollars and Pesos listed as currency.
- Oh my gosh! Thank you for letting me know. I can't believe I made that mistake and forgot about the Monetary Unit Assumption.
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