GAAP comic strip

GAAP comic strip

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Storyboard Text

  • Oh no! the company crane got broken! We need to buy some new equipment.
  • I know where we can buy some!
  • We need to buy a new crane for our business
  • Okay, that will be $200,000
  • Since the cost of the crane is $200,000, the equipment will be recorded at the same price
  • wait a second...
  • Of course, accounting for purchases must be recorded at their cost price.
  • You guys must of learned about the GAAP rule of the cost principle!
  • Thank you!
  • Your new crane is just outside, enjoy the rest of your day!
  • Good thing we learned the cost principle
  • Now we can get back to work!
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