GAAP comic strip

GAAP comic strip

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  • I just bought a new car for my personal use!
  • I think it should be fine if I put it with my business expenses 
  • HEY! Stop what you are doing right now!
  • Who are you?
  • I'm the accounting police
  • Well what seems to be the problem, sir?
  • Have you ever heard of the GAAP Business Entity Concept?
  • No, I haven't, what is it?
  • The Business Entity Concept is when the accounting for a business is kept separate from personal affairs. So you shouldn't put your personal car with your business accounting if it not your company car. I'll let you off with a warning.
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