Donald Trump Jr. admitted how little he knows about accounting during a deposition that was released Monday as part of Donald Trump’s civil fraud trial.
Former President Donald Trump’s eldest son, who is an executive at the Trump Organization, laughed at his own lack of knowledge on the topic during videotaped testimony in July 2022.
Trump Jr. said he was familiar with the acronym GAAP — aka Generally Accepted Accounting Principles — but then acknowledged that was about as far as his understanding went.
Q: How did you become familiar with that acronym?
A: Probably in Accounting 101 at Wharton.
Q: OK. What do they teach you about generally accepted accounting principles in Wharton?
A: Well, I’m not an accountant but that they are generally accepted.
A: That’s pretty much what I remember from Accounting 101.
Q: Have you told me everything you know about GAAP?
A: Basically. You know, I’m sure I could come up with some creative stuff to kill time but I’d be doing neither of us a favor in terms of educating ourselves.
Q: Thank you. So, fair to say you’ve never been employed in a position that required you to apply GAAP to your work?
A: No, not that I’m aware of.
New York Attorney General Letitia James’ office made the footage public during the first day of Trump’s trial.
The ex-president and his company are accused of overvaluing assets to secure loans and score deals. Last week, the judge overseeing the case ruled Trump was liable for fraud and ordered some of his companies be dissolved.
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