1. Generally Accepted Accounting Principles (GAAP) are the rules and guidelines adopted for recording and reporting business transactions to bring uniformity to financial statements. They are developed by accounting professionals over time based on past practices and experiences. 2. Key accounting concepts that form the basis of GAAP include the business entity concept, money measurement concept, going concern concept, and matching concept. These concepts are fundamental ideas and assumptions underlying accounting theory and practice. 3. Common accounting concepts taught include revenue recognition, consistency, historic cost, and full disclosure to ensure financial reports are meaningful, reliable, and comparable. Adhering to consistent accounting concepts and GAAP allows for orderly and standard preparation of financial statements.

1. LESSON PLAN
Content Outline
Content Analysis
Term
Facts
Meaningand featuresof GenerallyAcceptedAccountingPractices
Accountingpractices,Conventions,AccountingPrinciples
1. Accountinginformationtobe meaningful mustbe consistent,reliable and
comparable
2. In orderto maintainconsistencyandcomparabilitythere are certainrules and
practicesfollowedinthe preparationof accountingrecords
3. GenerallyAcceptedAccountingPrinciplesare the general rule orlawadoptedby
accountantsas a guide toaction
4. GAAP formsthe basiccode of conduct or practice
5.They are the rulesorguidelinesadoptedforrecording andreportingof business
transactionsinorderto bringuniformityinthe preparationandthe presentationof
financial statement
6. The rulesare calledbydifferentnamessuchasprinciples,concepts,conventions,
postulates,assumptionsormodifyingprinciples
7. These principlesare evolvedoverlongperiodof time onthe basisof past
experiences,usage orcustoms
8. These principlesare alsoreferredtoasconceptsandconventions
9. For practical purpose principles,postulates,conventions,modifyingprinciples,
assumptionsetchave beenusedinter-changeablyandare therefore beingreferred
to as Basic AccountingConcepts
10. Accountingconceptsare referredtoas fundamental ideasorbasicassumptions
underlyingthe theoryandpractice of financial accounting
11. Theyare the broad workingrulesforall accountingactivities
12. These principlesare developed byaccountingprofessionalsandinstitutionslike
Institute of Chartered Accountantsof India
13.The importantaccountingconceptsare BusinessEntityConcept,Money
MeasurementConcept,GoingConcernConcept,AccountingPeriodConcept,Cost
Concept,Dual AspectConcept,RevenueRecognitionConcept,MatchingConcept,

2. Concept
Curricular Objective
Pre requisites
Teaching Learning Resources
Teaching Learning Strategy
Reference
Full Disclosure Concept,ConsistencyConcept,Materiality ConceptandObjectivity
Concept
GenerallyAcceptedAccountingPrinciple referstothe rulesorguidelinesadoptedfor
recordingandreportingbusinesstransactions inordertobringuniformityinthe
presentationof financial statements
To understandthe meaningandpurpose of BasicAccountingConcepts
Knowledgeaboutaccountingandformsof accountingreports
Teachingaidlike white board
Pictures
General Discussion,Brainstorming
SCERT plusone accountingtext
SystematicapproachestoaccountingbyDr. K.G.C Nair
CLASSROOMINTERACTION
PHASE-1 INTRODUCTORY PHASE
ACTIVITY1 GENERAL DISCUSSION
Afterthe routine classroompracticesteacherbeginsthe classbydiscussingaboutgoodmannersthat
studentsare expectedtofollowinlife
Teacherasks the studentstolistoutcertaingood manners
Afterhearingthe answersgivenbystudentsteachernarratesanincident
Suppose,youvisitedyourbestfriend’shouse.Doyoubehave asif you were inyourownhouse
That’s right,eventhoughwe don’thave aspecificrule we don’tbehave the same wayatour home andat
our friend’shome.Its partof our mannersisn’tit
RESPONSE
No

3. Now,howdidyoucome to knowaboutmanners
Its beenpartof the conventional practiceswhichwe were followingovergenerationsthatwe setcertain
code of conduct
Likewise,there are alsocertainrulesandregulationsthatare practicedinaccountingwhichisknownas
GenerallyAcceptedAccountingPractices(Writesdownonthe Board)
Today we are goingto discussindetail aboutGAAP
PHASE-2 DEVELOPMENTPHASE
EXHIBIT 1 PICTURES ON TRAFFICRULES
Basedon the picturesteacheraskscertainquestions
1.What didyou inferredfromthispictures
Yes gooditsabout trafficrules
2.Why do we followtrafficrules

4. Since itis a rule we are obligedtofollow thembylaw anditwill helpustoleada smoothlife
Similarly,GenarallyAcceptedAccountingpracticesare alsogeneral ruleswhichwe are supposedto
practice
Do youknowwho developsthe trafficrules
Yes the Governmentauthorities
GAAPis beingdevelopedbyaccountingprofessionalsorbodieslike ICAIonthe basisof pastexperiences
We can use varioustermsforGAAP as principles,postulates,conventions,assumptionsetc(writesdown
on the Board)
In general we call itas AccountingConcepts
EXHIBIT 2 POWERPOINTPRESENTATION
TeacherexhibitapowerpointpresentationtolistoutvariousAccountingConcepts
ACCOUNTINGCONCEPTS
1.BUSINESSENTITY CONCEPT
2.GOING CONCERN CONCEPT
3.MONEY MEASUREMENT CONCEPT
4.HISTORICCOST CONCEPT
5.REVENUE RECOGNITTION CONCEPT
6.DUAL ASPECTCONCEPT
7.ACCOUNTINGPERIODCONCEPT
8.MATCHING CONCEPT
9.MATERIALITY CONCEPT
10.FULL DISCLOSURE CONCEPT
11.CONSISTENCYCONCEPT
12.CONSERVATISMCONCEPT
13.OBJECTIVITYCONCEPT
PHASE-3 CONCLUDINGPHASE
ACTIVITY-1 GAME SESSION
Teacherconductsa game amongthe studentstomemoriesthe accountingconcepts.The firststudent
tellsthe name of one conceptfollowedbythe secondstudentwhohasto repeatthe concepttoldbythe
firststudentandadd one more concept.The thirdone hasto repeatthe firsttwo conceptandadd his
contributionandthe game goeson
Afterthe game sessionteacherrevisesthe lessonandconcludesthe topic

5. REVIEW QUESTION
1. ExpandGAAP
2.What are accountingconcepts
FOLLOW UP ACTIVITY
Prepare a chart showingthe Accountingconcepts