Today in Business Insider:
As sole trustee for the family business, Donald Trump Jr. routinely signs his father’s financial statements — but he still insisted during a recent sworn deposition that he has very little actual understanding of accounting, New York officials revealed Thursday.
Asked about “GAAP,” the generally accepted accounting principles that must be followed in the US, the younger Trump claimed nearly complete ignorance, according to court papers filed Thursday by New York state’s attorney general, Letitia James.
“Donald Trump, Jr. testified that his only familiarity with GAAP was ‘probably [because of] Accounting 101 in Wharton,’ and that apart from knowing that they “are generally accepted,” he could not identify any other knowledge he has about GAAP,” the filing said.
Bet this guy depreciates land, too.