About This Chapter
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.
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. 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.
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.
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.
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.
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.
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.
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.
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Other chapters within the CM Leading & Controlling Exam Study Guide - Certified Manager course
- Workplace Leadership
- Employee Motivation in the Workplace
- Managing Change in the Workplace
- Workplace Conflict
- Organizational Politics at Work
- Managing Workplace Misbehavior
- Types of Workplace Misbehavior
- Privacy in the Workplace
- Time & Stress Management at Work
- Organizational Control in Business
- Controlling Operations Costs in Business
- Quality Management in Business
- Inventory Control in Business
- Financial Statements for Business
- Financial Analysis for Business
- Financial Management for Business
- CM Leading & Controlling Exam Study Guide - Certified Manager Flashcards