Topic: Accounting – Get to Know GAAP

Designed for grades: 11-12 for high school or first-year and sophomore for junior college

Estimated learner time: 50 minutes total

Objective: The learner will:

IV.1A.1 Explain the conceptual framework of accounting and GAAP and assumptions

Description: This activity focuses on understanding GAAP, applying key terms in accounting, and analyzing regulatory concepts of accounting.

Special Advice: This could be completed individually or as a partnered activity. Learners will spend time researching answers on the internet or in their textbooks. Consider directing learners to write their answers electronically, and either upload them to the course page or email them to the instructor.

The instructor could also lead a discussion after learners respond to questions. Questions 2 and 3 could have several correct answers (see possible answers below), and the discussion could be expanded based on their responses. Likewise, Question 3 could introduce a thought-provoking discussion topic (for example, the instructor could share the responses and then probe for more detail, or ask learners for other scenarios in which GAAP might not be required but should be followed anyway and explain why, etc.).

Grading: Three questions, with equal weight (points or percentage) for each, or distribute the scale however you see fit based upon the weight of the activity in the context of your instruction.