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Ch 17: Small Business Accounting

About This Chapter

Check out these lessons to learn about accounting for small businesses. These mobile-friendly resources offer a quick and easy way to study for exams, improve your grades, complete class assignments and boost your overall business knowledge.

Small Business Accounting - Chapter Summary

Study this chapter to learn about the role of accounting in a small business context. As you begin the chapter, you'll learn about the difference between accounting and book keeping, as well as important accounting principles. You'll then evaluate the role of ethics in accounting and learn the steps of the accounting cycle. Our instructors also go into detail on various accounting systems, accounting users, transactional analysis and much more.

Your progress throughout the chapter is tracked on your personal Dashboard, and you can take the included lesson quizzes to see how well you understand the material. These lessons can be studied at any time that fits your schedule. After completing the chapter, you should be able to:

  • Differentiate between bookkeeping and accounting
  • Identify types of accounting users and how different accounting information is used
  • Explain the generally accepted accounting principles (GAAP)
  • Assess the role and importance of ethics in accounting
  • Evaluate the benefits of various types of accounting systems and software
  • Outline the steps of the accounting cycle
  • Analyze business transactions in relation to the accounting equation
  • Break down the difference between capitalizing and expensing purchases

6 Lessons in Chapter 17: Small Business Accounting
Accounting vs Bookkeeping: Differences and Similarities

1. Accounting vs Bookkeeping: Differences and Similarities

The terms accounting and bookkeeping are common place in the business world. However, there's often confusion about the difference between these two terms. In this lesson, you'll learn the difference between accounting and bookkeeping.

External and Internal Users and Uses of Accounting

2. External and Internal Users and Uses of Accounting

Accounting has many uses. In this lesson, you will learn not only who accounting users are but also what types of accounting information is used. You will also learn the uses of that accounting information.

The Importance of Ethics in Accounting

3. The Importance of Ethics in Accounting

Ethics - are they really important in accounting? In this lesson, we will discuss what ethics are and what role they play in accounting; we'll also review a case that is deeply rooted in ethics. In the end, we will decide whether or not ethics are important in accounting.

Accounting Systems & Software

4. Accounting Systems & Software

Read this lesson to learn about the different types of accounting systems you can choose from. Learn what the benefits of each type are as well as some software examples of each type of accounting system.

The Accounting Cycle: Definition, Steps & Examples

5. The Accounting Cycle: Definition, Steps & Examples

Accounting is essential to the proper and efficient functioning of a business. In fact, it is often referred to as the 'language of business.' In this lesson, you'll learn about the steps in the accounting cycle. A short quiz follows.

Comparing the Effects of Capitalizing & Expensing

6. Comparing the Effects of Capitalizing & Expensing

What does it mean to capitalize a purchase instead of expensing it? And how do you know which one to do? Watch this lesson to find out more about capitalization and the ways to know whether to capitalize or expense.

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