Accounting: Understanding the Accounting Process and GAAP

Objectives:

• Students will be able to explain the conceptual framework of accounting.
• Students will be able to define GAAP and its assumptions.
• Students will be able to identify the components of the accounting process.

Age Level: Late secondary school/junior college

National Standards: Complies with NBEA Accounting 2023 Standard III.1.9. Explain the conceptual framework of accounting and GAAP and assumptions.

Materials:

• Whiteboard or chalkboard
• Markers or chalk
• Bingo cards (see below for examples)
• Bingo chips or markers