Episode 013 – Generally Accepted Accounting Principles (GAAP) Part 1 of 2
Recorded: February 11, 2021
Released: February 11, 2021
Intro by Clive Castle
Sounds by ZapSplat
In the first of a 2-part series on GAAP, the Economic Entity Assumption, Going Concern, Cost Principle, Accrual Method, and Matching Principle are discussed. These and other principles to be discussed in Part 2 provide a framework for bookkeepers when recording transactions and allows for comparability when reviewing financial statements of different companies.