About This Chapter
General Accounting Concepts - Chapter Summary
Jump right into general accounting concepts with this chapter of engaging video lessons. You will identify the definition, purpose, uses, and users of accounting. Developing skills like the ability to name basic accounting terms and phrases will be made easier for you through the quick assessments at the end of every lesson. The other objectives this chapter will enable you to accomplish include the following:
- Describe the characteristics, advantages, and disadvantages of a manual accounting system
- Identify types and benefits of a computerized accounting system
- Understand the definition and rules of Generally Accepted Accounting Principles
- Explain the definition and give examples of a general ledger, general journal in accounting, and accounts payable
- Demonstrate how to check the accuracy of a recorded business transaction
- Provide the definition, process, and examples of accounts receivable
You can use the bold terms in the transcript of each lesson to make additional study materials. Topics within the lessons can be easily revisited by clicking the labeled links in the timeline below each video. One of the best things about the chapter is that you can complete it at your own speed.
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. 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.
4. Manual Accounting System: Definition, Advantages & Disadvantages
An accounting system is an essential part of any business. In this lesson, learn about the advantages and disadvantages of a manual accounting system - one that is maintained by hand.
5. What Is a Computerized Accounting System? - Types, Advantages & Disadvantages
This lesson explains what a computerized accounting system is, how a company selects a system, and what the advantages and disadvantages of computerized accounting systems are.
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. What Is a General Ledger? - Definition & Examples
Accountants and bookkeepers record financial events in multiple documents in order to ensure the accuracy of the information. In this lesson, we will look at the general ledger and you can discover how to make entries into this ledger.
8. What Is a General Journal in Accounting? - Definition, Format & Examples
The general journal is usually the first of a company's accounting records that we learn about and use, but it can also be one of the most misunderstood. It doesn't have to be difficult, though, as we'll show here.
9. Recording Business Transactions in Accounting
Recording a transaction is the first step in the accounting cycle. In this lesson, you will learn why transactions are recorded, where they are recorded, and how they are recorded.
10. Accounts Receivable: Definition, Process & Examples
Not all purchases of goods or services are paid for at the time of the purchase. Those that aren't are called accounts receivable. In this lesson, you will learn the basics about accounts receivable.
11. What Are Accounts Payable? - Definition & Examples
Nobody likes to have accounts payable, but they are a reality of business. In this lesson, you'll learn the definition of accounts payable, how they fit into a business overall finances and be provided some examples.
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