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Ch 14: Accounting Basics for Entrepreneurs

About This Chapter

Use informative online resources you can access anywhere with an Internet connection to boost your knowledge of accounting basics for entrepreneurs. Prepare for an exam or gain a personal understanding of this subject with help from engaging lessons, short quizzes and other study tools!

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

6 Lessons in Chapter 14: Accounting Basics for Entrepreneurs
Test your knowledge with a 30-question chapter practice test
What Is Accounting? - Purpose, Importance & Relationship to Business

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.

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.

What Is GAAP? - The Generally Accepted Accounting Principles

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.

Technology in Accounting: The Growing Role of Technology in Accounting

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.

What Are Financial Statements? - Definition, Purpose & Importance

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.

The Accounting Cycle: Definition, Steps & Examples

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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