Ch 14: Business Accounting Fundamentals

About This Chapter

Whether you own a business or work for one, keeping track of the money is vitally important, as it can often make the difference between success and failure. Keep reading to learn more about the fundamentals of accounting in business.

Business Accounting Fundamentals - Chapter Summary

Politics may be all about power, but business is all about money. It's about acquiring it, managing it effectively, investing it wisely and most of all, keeping track of where it goes. This chapter covers the principles, processes and disciplines involved in accounting, the art of recording, explaining and tracing where the money goes.

You will take an in-depth look at what accountants do, the procedures involved, key terminology and the use of technologies from ledgers and quill pens to modern computer software and the cloud. The lessons cover the material shown:

  • Definition and purpose of accounting
  • Disciplines and principles of accounting, GAAP
  • Vocabulary used in accounting
  • Applications for accounting and people who use them
  • Technological innovations and applications
  • Steps and procedures of the accounting cycle

Quick, easy lessons, short quizzes and a chapter exam all unite to provide you with a powerful study tool that can become an integral part of your overall study plan. Subject-matter experts and our highly qualified instructors are available if you have questions or require assistance, and the dashboard gives you a convenient and well-organized place to store your work and track your progress.

8 Lessons in Chapter 14: Business Accounting Fundamentals
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.

Accounting Disciplines: Descriptions and Definitions

2. Accounting Disciplines: Descriptions and Definitions

Most people know that accountants work with numbers, but there's more to accounting than bookkeeping. In this lesson, you'll learn about various accounting disciplines including managerial, financial, tax, government and non-profit accounting.

The Fundamental Principles of Accounting

3. The Fundamental Principles of Accounting

Accounting is an art, but just as with any form of art, you need the right tools to make your masterpiece. For accounting, those tools are the seven major accounting principles. In this lesson, you will learn what those principles are and what they are used for.

Basic Accounting Terms & Phrases

4. Basic Accounting Terms & Phrases

Having a basic understanding of fundamental accounting terms is a good idea for everyone. In this lesson, we'll learn some of the terminology and concepts used in basic accounting.

External and Internal Users and Uses of Accounting

5. 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.

Technology in Accounting: The Growing Role of Technology in Accounting

6. 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 Is GAAP? - The Generally Accepted Accounting Principles

7. 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.

Accounting Cycle: Definition, Steps & Process

8. 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.

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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