About This Chapter
Accounting Practices - Chapter Summary
This chapter's video and text lessons offer information on commonly accepted practices in accounting and how they are used. Your employees can get information on the following:
- Accounting ethics and why they are needed
- Internal and externak uses of accounting
- How technology has changed the accounting process
- Generally Accepted Accounting Principles (GAAP)
- Steps in the accounting cycle
- Duties of an accounting department
You can use these lessons as part of a group corporate training program or ask your employees to watch them as individuals. The lessons can be accessed anytime, on a computer or mobile device. The short quizzes that follow each lesson offer an opportunity for discussion and chapter exams are available to verify the employees' learning.
How It Helps
- Defines duties: By studying the responsibilities of an accounting department, your employees can understand expectations and develop organizational methods that help them executive their duties in the most efficient manner.
- Lowers liability: Developing an understanding of ethical accounting practices may help keep your employees from unwittingly committing infractions.
- Develops consistency: Knowing about the GAAP, the accounting cycle, accounting technology and users of accounting ensures that all your employees understand standard accounting procedures and have the same general knowledge.
After watching these lessons, employees should be able to:
- Discuss the role of ethics in accounting
- Explain who uses accounting and how
- Describe accounting technology
- Outline the GAAP standards and why they're used
- Define the accounting cycle
- Chart the roles and responsibilities common to all accounting departments
1. 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.
2. Practical Application: Ethical Scenarios in Accounting
Accounting is a very technical, and sometimes complex, skill to master. Accounting professionals must uphold the highest ethical standards at all times so that trust in an organization remains high.
3. 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.
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 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.
6. Accounting Cycle: Definition, Steps & Process
Accounting isn't just about working with numbers. It is about following guidelines to get the job done. In this lesson, you will learn what the accounting cycle is and the steps to complete it.
7. Roles & Responsibilities of an Accounting Department
In this lesson, you will learn about the primary roles or functions of an accounting department and the responsibilities completed by those functions. When you are through, take a quick quiz to test your comprehension.
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