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.