About This Chapter
CSET Business - Accounting Principles: Chapter Summary
Our video lessons on accounting principles can help you brush up on your skills before the California Subject Examinations for Teachers (CSET) Business Subtest II. This chapter starts by explaining the purpose and importance of accounting in business and goes on to provide instruction in preparing basic financial statements. It also outlines the growing role of technology in accounting. Other video lessons included in this chapter cover the following:
- Fundamental principles of accounting
- External and internal users and uses of accounting
- Ethics in accounting
- The accounting equation
- Generally accepted accounting principles
CSET Business - Accounting Principles Objectives
To work in a public secondary school in California, prospective business teachers must pass the 3-part CSET Business Single Subject Exam. While the first and third subtests focus on business environment and communication, business management, marketing and information technology, the CSET Business Subtest II measures your proficiency in accounting, finance and economics. The accounting and finance portion of the test includes 25 multiple-choice questions and one short constructed-response question.
Our accounting chapter can help you prepare for this credentialing exam through its series of video lessons. Each lesson includes a self-assessment test, which you can use to gauge your skill level before watching the video. It also might prove valuable to retake the assessment after viewing the lesson to see if your knowledge has grown.
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. 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.
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. 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.
5. The Accounting Equation: Definition & Components
There are a few basic building blocks that form the foundation of accounting. One of those is the accounting equation. In this lesson, you will learn what makes up the accounting equation, its purpose, and how it works.
6. 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.
7. Preparing the Basic Income Statement and Statement of Retained Earnings
Preparing financial statements can be tricky. In this lesson, we are going to talk about how to prepare the first two basic financial statements: the income statement and the statement of retained earnings.
8. 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.
9. Calculating Total Equity: Definition & Formula
Equity is important to owners and investors of a business. In this lesson, you'll learn what total equity is, how to calculate it, and how it fits into the overall financial picture of a business. A short quiz follows.
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Other chapters within the CSET Business Subtest II (176): Practice & Study Guide course
- CSET Business - Principles of Finance
- CSET Business - Personal Finance
- CSET Business - Economic Concepts
- CSET Business - Microeconomics
- CSET Business - Macroeconomics: General Concepts
- CSET Business - Macroeconomics: Unemployment & Inflation
- CSET Business - Macroeconomics: Money, Federal Reserve System & Banking
- CSET Business - Macroeconomics: Fiscal and Monetary Policy
- CSET Business - International Economics
- CSET Business Subtest 2 Flashcards