GAAP accounting

GAAP accounting

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  • Ohhh....What should I do, my work involves GAAP but I have forgotten everything!
  • So you want to learn about GAAP?
  • Who are you????
  • Let me first ask you, do you know what GAAP stands for?
  • Umm.... NO
  • Well, GAAP stands for generally accepted accounting principles
  • Okay... but what is it exactly?
  • Now I know something about GAAP!
  • Also, GAAP must be followed when a company distributes its financial statements outside of the company.
  • The purpose of GAAP is to ensure that financial reporting is transparentand consistent from one organization to another.
  • thank you! That is really good to know!
  • Remember, GAAP is only a set of standard. They do not provide any guarantee that a company's financial statements are free from errors or omissions that are intended to mislead investors.
  • Of course, GAAP covers such things as revenue recognition, balance sheet item classification and outstanding share measurements
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