GAAP RESEARCH

To Start Class…..

• Test Take-Up!!

• THE AWARDING OF THE BELT!

Generally Accepted Accounting Principles

• Thus far in the course, we have covered a few GAAP’s– Business Entity Concept– Revenue Recognition Principle– Matching Principle– Time Period Concept

Generally Accepted Accounting Principles

• There are 8 GAAP’s we have not discussed yet

Going Concern Concept

Monetary Unit Assumption

Principle of Conservatism

Objectivity Principle

Cost Principle Consistency Principle

Materiality Principle

Full Disclosure Principle

Get into Groups of 2

Your Task

1) Chose one of the GAAP’s that have not been discussed thus far in the course

2) Come up with an example of how an accountant can violate that particular GAAP

3) Research: Why might my GAAP exercise drastically change in the next few years?

PREPARE A POWERPOINT TO SHARE WITH THE CLASS FOR NEXT PERIOD