GAAP Accounting Assignment

GAAP Accounting Assignment
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Storyboard Text

  • Good morning class! Today I will be telling a story.
  • Once upon a time there was a superhero named Accounting Ashley. She fought off all the bad accountants, not following the GAAP requirements in Toronto
  • Hi I'm Accounting Ashley!
  • It was early in the morning and Accounting Ashley saw a man not following the Entity Principle! 
  • You can't put your personal car on the company balance sheet! That's against the GAAP Principles! 
  • I'm sorry. I won't do it again! 
  • Accounting Ashley then went on to tell the man how to properly prepare a balance sheet.
  • Remember the fundamental accounting equation; A - L = OE
  • Thank you Accounting Ashley for teaching me how to prepare a proper balance sheet!
  • As Accounting Ashley was leaving the man who broke the Entity Principle she saw a woman breaking a different principle! 
  • Oh no! It looks like she's breaking the Consistency Principle!
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