About This Chapter
Accounting Basics Overview - Chapter Summary
Gain greater insight into accounting concepts like GAAP and control of cash by watching this chapter's video lessons. Our instructors get you up to speed on common problems with financial information, the importance of ethics in accounting and more. When finished with this chapter, you will be able to:
- Explain the purpose and importance of accounting
- Define external and internal users and discuss uses of accounting
- Provide the meaning of GAAP
- List types of internal controls in accounting
- Describe banking activity safeguards and controls
- Discuss control of cash disbursements and receipts
- Detail the growing role of technology in accounting
Feel free to access the lessons in this chapter as short and engaging videos or full transcripts you can print or read online. As you progress through the chapter, don't hesitate to submit your lesson topic questions to our experts. Multiple-choice quizzes quickly test your comprehension of the lessons and help you determine whether you need more study time. Use our practice test to confirm your grasp of the entire chapter.
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. Typical Problems with Financial Information
The ultimate goal of an accounting professional is to provide accurate and reliable financial information to interested parties. In this lesson, we are going to discuss typical problems with financial information.
5. Internal Controls in Accounting: Definition, Types & Examples
Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.
6. Safeguards & Controls of Banking Activities
Money is one of the most highly valued items a person has. Is that money safe when it is deposited in a bank? In this lesson, you'll learn how banks safeguard your money so that you can be confident with every deposit you make.
7. Control of Cash: Definition & Methods
Cash is a valuable commodity and one that is vulnerable to fraudulent activity. In this lesson, you will learn what makes up a company's cash account as well as how to control cash.
8. Control of Cash Receipts & Disbursements
Cash is something that we all work hard for and certainly don't want to lose to predators. In this lesson, we will discuss cash and how to protect both the receipt and disbursement of cash.
9. 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.
10. 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.
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