GAAP Comic Strip Part 1
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Hey Angela, do you know what this meeting is about?
I'm not to sure Andrew, although I thought I heard someone talking about GAAP.
Why would we be having a meeting about a children clothes company. Were an accounting firm!
Not GAP, GAAP, it stands for generally accepted accounting principles.
What is that?
GAAP essentially ensures that financial reporting is transparent and consistent from one organization to another. There is not one set of GAAP for the entire world, it varies from place to place!
GAAP is essentially a set of standards commonly followed for financial reporting.
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