Unit 4 — Tax Accounting vs GAAP

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

Welcome to Demo Mode!

Try our core activities below! To save your scores and earn certificates, create a free account or log in.

Core Training Activities

Demo Available

Vocabulary Builder Activity

Students will learn the following key terms and phrases:

Accrual basis accounting Be consistent with Depreciation Expense Fixed asset Generally accepted accounting principles Levy Net earnings Omit Public company Reducing balance depreciation Revenue Significant Tax accounting Taxable income

Demo Available

Reading Activity: Tax Accounting vs GAAP

Improve your reading comprehension and vocabulary in context with our interactive reader.

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…

Read Full Article →