Read, understand and learn the following GAAP principles. (do not copy and paste)
Explain the following principles:
Economic Entity Assumption
Monetary Unit Assumption
Time Period Assumption
Cost Principle
Full Disclosure Principle
Going Concern Principle
Revenue Recognition Principle
Materiality
Conservatism
Matching Principle
2.Prepare a skeleton template on Work or Excel for the following financial statements: Income Statement, Statement of Owner’s Equity and Balance Sheet. You will use these later for practice exercises. Use the hand out provided to you in class to guide you