Generally Accepted Accounting Principles Put to Work
Updated: 5/30/2020
Generally Accepted Accounting Principles Put to Work
This storyboard was created with StoryboardThat.com

Storyboard Text

  • Hey Jeremy, I am thinking of titling this balance sheet with the name of the owner so I can easily know who's account this is for.
  • Todd, that does not follow GAAP, because you are not following the Business Entity Concept. Meaning You are mis-representing the business as the owners' personal account.
  • Do Not worry, all you need to do is replace the name of the owner with the name of the business. This can be easily fixed. At least you used The Cost Principle, which records assets at their historical price, right?
Over 14 Million Storyboards Created
Storyboard That Family