August 31, 2014 Principles of Accounting 01: Meet GAAP standards

GAAP (Generally Accepted Accounting Principles) have been designed to be broad, secure and sensible regarding work performed in the Accounting sector. They are a set of rules, standards and procedures publicly traded companies are required to when recording and reporting transactions, but private companies can also choose to follow, and we do.

Workbook: Workbook: Download this 6 page (484 Kb) PDF. Print in black-and-white, and add notes in the indicated places.

Video

Size: 17.7Mb, 9’02”

Assignment

Select six phrases from this list of GAAP concepts:

Fair, true, good judgement, clarity, objective, empirical, accountability, prudence, sincerity, utmost good-faith, full disclosure, clear periodicity, permanence of methods.

Define what each of these concepts mean to you, in terms of Accounting. Write a practical application of each, different to those mentioned in the video.

Email your Trainer when complete.

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