GAAP Accounting Assignment
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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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