Ch 1: General Accounting Concepts

About This Chapter

This chapter contains tools you can use to understand general accounting concepts. Exciting video lessons mixed with short quizzes will help you get ready for your test or group study.

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.

11 Lessons in Chapter 1: General Accounting Concepts
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.

External and Internal Users and Uses of Accounting

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.

Basic Accounting Terms & Phrases

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.

Manual Accounting System: Definition, Advantages & Disadvantages

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.

What Is a Computerized Accounting System? - Types, Advantages & Disadvantages

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.

What Is GAAP? - The Generally Accepted Accounting Principles

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.

What Is a General Ledger? - Definition & Examples

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.

What Is a General Journal in Accounting? - Definition, Format & Examples

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.

Recording Business Transactions in Accounting

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.

Accounts Receivable: Definition, Process & Examples

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.

What Are Accounts Payable? - Definition & Examples

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.

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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