Maintenance should include following GAAP principles of regularity, consistency, sincerity, permanence of methods, non-compensation, prudence, continuity, periodicity, materiality, and utmost good faith to ensure reliability, comparability, and transparency.

Process/Skill Questions:

• Why is comparability one of the most important aspects of GAAP?
• What is the purpose of GAAP?
• What is the difference between active files and permanent files?
• What are benefits of maintaining a filing system?
• What are the advantages and disadvantages of maintaining one’s files on a computer?

Teacher Resource: Generally Accepted Accounting Principles Guide Sheet, Financial Management Resource Center, Office of Justice Programs, U.S. Department of Justice