Project 2

Project 2: Generally Accepted Accounting Principles (GAAP)

 

Project Summary

 

You examined some of the Generally Accepted Accounting Principles, known as GAAP, in this project. A summary of these principles can be found in the Toolkit. This project gives only a brief overview of the basic principles—there are many more detailed principles involved in the accounting profession. For a complete list of updated accounting principles, check out the Canadian Institute of Chartered Accountants website. You can do an Internet search to find this website.

 

As you work on your projects, you will recognize some of these principles being put into practice. When you see this icon beside some of your lessons, you are able to access a drop-down menu to identify the GAAP principle involved. See if you can identify the principle before you check your answer. You can return to this lesson to review the GAAP case studies if you need to refresh your understanding.

 

Continue to Project 3, where you will be introduced to financial statements.

 

FIN1015 Learn EveryWare © 2009 Alberta Education