About This Chapter
Accounting Basics for Entrepreneurs - Chapter Summary
This chapter offers the opportunity to examine accounting basics for entrepreneurs in a secure online environment. Access entertaining lessons from your computer, smartphone or tablet, and enjoy learning from expert instructors without setting foot in a traditional classroom. Review the lessons as fun videos or printable transcripts to get a comprehensive overview of the accounting cycle, GAAP, financial statements and other accounting basics. Test your comprehension of the concepts covered in the lessons by taking multiple-choice quizzes and a chapter exam. Upon completion, you will be ready to:
- Explain the purpose and importance of accounting, and describe its relationship to business
- Discuss differences between the uses of bookkeeping and accounting in business
- Define and describe the uses of GAAP
- Detail how the role of technology is growing in accounting
- Share the definition, purpose and importance of financial statements
- Describe the steps involved in the accounting cycle
1. What Is Accounting? - Purpose, Importance & Relationship to Business
Just as French is considered the language of love, accounting is considered the language of business. In this lesson, you will learn exactly what accounting is. You will also learn the purpose of accounting, why it is important, and how it relates to the business world.
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.
3. What Is GAAP? - The Generally Accepted Accounting Principles
Rules and regulations are a part of life for everyone, including those in the accounting industry. In this lesson, you will learn about GAAP standards, what they mean to accounting, and who establishes them.
4. Technology in Accounting: The Growing Role of Technology in Accounting
Change and technology go hand in hand, especially in the accounting industry. In this lesson, we will take a walk back in time and discuss some of the technological advances in accounting through the years. We will also discuss how these changes have affected the accounting process.
5. What Are Financial Statements? - Definition, Purpose & Importance
Financial statements are big players in the world of accounting. In this lesson, you will be introduced to each of the financial statements. You will also learn what their role is in the accounting industry, who they are important to and why they are important.
6. 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.
Earning College Credit
Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Business Management: Help & Review course
- Introduction to Management: Help & Review
- Leadership Types and Styles: Help & Review
- Individual Decision Making
- Motivation Theory: Help & Review
- Management Theory: Help & Review
- Strategic Management: Help & Review
- Human Resources Management: Help & Review
- Labor Relations: Help & Review
- Managerial Accounting: Help & Review
- International Business Management: Help & Review
- Business Ethics: Help & Review
- Tuition Reimbursement: Help & Review
- Using Kanban in Business Management: Help & Review
- Business Law for Entrepreneurs
- Contract Enforcement & Administration
- U.S. Labor Law in the Private Sector Post-1960
- HR Management
- Rights, Ethics & Employment