Accounting #2
Updated: 4/7/2021
Accounting #2

Storyboard Text

  • Another thing to keep in mind is the Materiality constraint. All of the guidelines we discussed only have to be followed on things that actually matter to investors.
  • I'll definitely remember that for future reference.
  • Yeah, I don't really like the standard method of reporting so I made my own method.
  • The last thing I'd like to talk about is the formatting of your statements. It's a bit confusing and I've been having a bit of trouble following along.
  • As much as you don't like it, you have to use it. According to the Understandability and Comparability aspects of accounting, the financial statements must be understandable by everyone and comparable to other businesses.
  • Okay, I'll do some reading up on that.
  • No problem. Any day the CRA is not angry with you is a good day.
  • Well thank you. I sure learned a lot today.
  • Thank You!