Unit 4: Tax Accounting vs GAAP

USA

This unit discusses the differences between GAAP (generally accepted accounting principles) and tax accounting.

Did you know? The following activities can be customized as desired by the teacher or school pedagogue.

Basic activities (computer-graded)

Vocabulary Builder Activity

Students will learn the following key terms and phrases:

Reading Activity: Tax Accounting vs GAAP

Students will be able to correctly answer true/false questions after reading and listening to topical short articles and dialogs featuring topical vocabulary.

In the 21st century many laws and regulations have been standardized but there are still some standards which are specific to each country. If you work in accounting in the US you will have heard of and understand tax accounting, but your European counterpart will have no idea what it is. Unlike a lot of countries where the generally accepted accounting principles (GAAP) is the only method for… Continue

Multiple Choice Activity

Students will be able to select the best match between unit terms and their definitions.

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Listening Comprehension Activity

Students will be able to listen to short audio clips in English and then spell them correctly.

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Spelling and Recognition

Students will be able to identify and spell a vocabulary term correctly given only the definition.

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Advanced activities (optionally teacher-graded)

Speaking Practice Activity

Students will be able to speak and record 5 example sentences from the unit vocabulary and then submit them for grading by the classroom teacher. If no teacher is available or desired, then the students will be shown good examples of other students' work.

Tax revenues fall when workers lose their jobs, and the taxable income that goes with them.

Tax accounting provides a simpler method of calculating your tax liability.

As a potential investor the most significant figures for me are the total profit and the liabilities.

Due to the Christmas season, revenues in shops are usually higher in the last quarter of the year than in the first.

The new premises cost $100,000 but as we will be using reducing balance depreciation over 5 years, the first year will cost us the most.

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Writing Practice Activity

Students will write a short essay to be graded by the teacher. If no teacher is available or desired, then the student is shown previous examples of other writings by students.

Should accounting principles be standardized across the world?

How could GAAP be made simpler?

Is it necessary to have two systems for accounting for tax? Why / why not?

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