Accounting comic

Accounting comic

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Storyboard Text

  • First let me ask you a question, Do you know what GAAP is?
  • Ohhhhhhh Okay
  • GAAP is a collection of commonly-followed accounting rules and standards for financial reporting.
  • Thank you for the information! Knowledge is power
  • Now you know, it stands for generally accepted accounting principles.
  • Oh so revenus should be recognized in the accounting period in which it is earned
  • $10,000 was received from a customer for the following period but the revenue was recognized too early
  • GAAP says not to recognize this as a revenue until actual services are performed!
  • Its a good thing we have Super Accountant here to save us
  • You have made a critical error here, its a good thing I got here when I did or just think of what would happen to you
  • So we should make a investors or lenders aware of events that may affect the financial health of the company
  • Information that is important to an investor or lender should be disclosed via the financial statements or in the notes to the statement
  • Yes, that hasn't been done. Go fix that right now
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