CAREER & TECHNOLOGY STUDIES
  • Home
  • Photography
  • Business
    • ENT 1010
    • ENT 1020
    • ENT 1090 Proj. A
    • ENT 2010
    • ENT 2020
    • ENT 2040
    • MAM1010 - Marketing >
      • MAM1010-Introduction
    • FIN1015
  • Design
    • DES3115-Industrial Design
  • Construction
    • CON 1010
    • CON 1120
    • CON 1140
  • Video & Film
    • COM1015 - Media >
      • COM1015 - Day 11/12
    • COM 1105 Audio/VIdeo >
      • COM 1105 -day1.Genres
    • COM 1145 Animation >
      • Frozen - Youtube
    • COM2105 Preproduction
    • COM 2115 Production
    • COM2175: Interactive Presentation
    • COM 2145 Animation
    • Green Screen After Effects
    • COM3105 Preproduction 2
  • Legal Studies
    • LGS3040 Negligence
    • LGS3010 - Property Law
    • LGS3080 Criminal Law
    • LGS3060 Controversy & Change
  • Baron Blocks
  • Link Page
  • Broadcasting
  • COMPUTERS
    • HTML/CSS Intro
    • HTML/CSS Intermediate
  • HTML/CSS 2

Generally Accepted
Accounting Principles
​GAAP

FIN1015 - HOME
Next - GAAP
Picture

GAAP Explained

Accountants follow principles and prescribed guidelines to assist them in their work. These are called Generally Accepted Accounting Principles, or GAAP

GAAP
Generally Accepted Accounting Principles for short. You may have noticed that some of the positions you found using ALIS on the Internet in Project 1 required the applicant to have a knowledge of GAAP.

Why is GAAP Important?

Being familiar with rules and guidelines help you to achieve success when working on a team, or activity. Applying rules to the jobs accountants are responsible for ensures success, no matter who is completing the work. These rules help you know what you are able to do, how you are doing, and who is winning. GAAP ensures accountants are working together, even when they might be working for different companies. This consistency allows the financial records of a business to be compared from year to year or from company to company, since all companies must play by the same rules or guidelines.
In Canada, the Canada Business Corporation Act and the corresponding statutes define rules accountants must adhere to.

STATUTES
A statute is permanent established rules or laws of the various provinces demand the use of the term Generally Accepted Accounting Principles in the reports presented at the annual meetings of shareholders. The term is incorporated in the auditor’s statement. 

AUDITOR

An auditor is a professional accountant who deals with analysis of books and records. The auditor’s wording may be similar to the following:
In our opinion, the accompanying balance sheet and income statement present fairly the financial position of Anchors Fisheries as at the December 31, 20xx, and the results of its operations for the year then ended, in conformity with Generally Accepted Accounting Principles applied on a basis consistent with that of the preceding year.
Picture
Learn More @ ALIS 
Alberta Careers Learning & Employment
to explore more about Accounting Professionals (wages, education, potential job posting)

ALIS Alberta
Picture

Assignment:

Access the google classroom associated with this module and complete the assignment: ​GAAP Principles Explained "It Could Happen To You"

READ the news article and review the  '9 PRINCIPLES OF GAAP' to complete the assignment (click HERE)
Complete the assignment and upload your material to the correct folder within Google Classroom for a mark. 
Email you teacher once you have uploaded your answers.
Use the following nomenclature to save your file(s):
[firstname_lastname_GAAP_20xx]
[firstname_lastname_GAAP_Solutions_20xx]
Picture

Top

Location

Vision and Wisdom

Rooted in Jesus.... Hearts to Love, Hands to Serve"

Contact Us

    Subscribe Today!

Submit
  • Home
  • Photography
  • Business
    • ENT 1010
    • ENT 1020
    • ENT 1090 Proj. A
    • ENT 2010
    • ENT 2020
    • ENT 2040
    • MAM1010 - Marketing >
      • MAM1010-Introduction
    • FIN1015
  • Design
    • DES3115-Industrial Design
  • Construction
    • CON 1010
    • CON 1120
    • CON 1140
  • Video & Film
    • COM1015 - Media >
      • COM1015 - Day 11/12
    • COM 1105 Audio/VIdeo >
      • COM 1105 -day1.Genres
    • COM 1145 Animation >
      • Frozen - Youtube
    • COM2105 Preproduction
    • COM 2115 Production
    • COM2175: Interactive Presentation
    • COM 2145 Animation
    • Green Screen After Effects
    • COM3105 Preproduction 2
  • Legal Studies
    • LGS3040 Negligence
    • LGS3010 - Property Law
    • LGS3080 Criminal Law
    • LGS3060 Controversy & Change
  • Baron Blocks
  • Link Page
  • Broadcasting
  • COMPUTERS
    • HTML/CSS Intro
    • HTML/CSS Intermediate
  • HTML/CSS 2