Generally Accepted Accounting Principles (GAAP), the accounting rule book. In the following scenario, please indicate which GAAP rule is being violated and why. Follow up with comments about why you think the rule exits and is important. Scenario: XYZ Inc. was in the process of preparing its financial statements. XYZ is hoping to get approved for a loan from the First National Big Bank. XYZ's sole shareholder Slick, notices that the cash listed on the balance sheet is $4,000. Slick suggests that the balance sheet should include his personal current cash balance of $100,000. Slick convinces the company accountant to change cash on XYZ's balance sheet to $104,000. After all, he would gladly put his personal cash in if needed.
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Generally Accepted Accounting Principles (GAAP), the accounting rule book. In the following scenario...
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