About This Chapter
ILTS Business, Marketing and Computer Education - Applied Accounting: Chapter Summary
This chapter on applied accounting can teach you about ledgers and charts of accounts, which could be valuable information if you're preparing for the Illinois Licensure Testing System (ILTS) Business, Marketing and Computer Education exam. This content area test is a component of the teacher certification process. The video lessons in this chapter also address the following themes related to applied accounting:
- Understanding debits and credits in accounting
- Recording business transactions in accounting
- Using the accounting equation to analyze business transactions
- Journal entries and trial balance in accounting
- Closing procedures
- Accounting software
ILTS Business, Marketing and Computer Education - Applied Accounting Objectives
Questions about applied accounting are included in the accounting practices and principles subarea of the ILTS Business, Marketing and Computer Education exam. This test, which is offered only in a paper-based format, features 125 multiple choice questions. You must pass the ILTS if you want to work as a business, marketing or computer education instructor at a public school in Illinois.
This chapter on applied accounting was developed by experienced professional educators. Its combination of brief video lessons and self-assessment quizzes, which you can access as often as you'd like, provides an excellent study guide for aspiring teachers who have yet to take the ILTS Business, Marketing and Computer Education content area test.
1. Ledgers and Chart of Accounts: Definitions and Use
There are several key concepts that are important to learn when it comes to accounting. In this lesson, you will learn about the ledger and the chart of accounts.
2. Understanding Debits and Credits in Accounting
Debits and credits are major players in the accounting world. In this lesson, you will learn just what debits and credits are and why they are important to accounting.
3. 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.
4. Using the Accounting Equation: Analyzing Business Transactions
Transaction analysis can be a tricky task. In this lesson, you will learn what transaction analysis is, how to analyze a transaction, and how it is related to the accounting equation.
5. Journal Entries and Trial Balance in Accounting
There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.
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Other chapters within the ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide course
- ILTS Business: Accounting Cycle
- ILTS Business: Accounting Principles
- ILTS Business: Types of Investments
- ILTS Business: Business Partnerships
- ILTS Business: Evaluating Company Performance
- ILTS Business: Economic Basics
- ILTS Business: The US Economy
- ILTS Business: Fiscal & Monetary Policy
- ILTS Business: Economics of a Firm
- ILTS Business: Global Economics
- ILTS Business: Marketing Basics
- ILTS Business: Product Pricing & Selling
- ILTS Business: Product Development & Distribution
- ILTS Business: Product Promotion
- ILTS Business: Market Research
- ILTS Business: Selling & Customer Service
- ILTS Business: Entrepreneurship
- ILTS Business: Management
- ILTS Business: Organizational Structure
- ILTS Business: Teams in a Business Setting
- ILTS Business: Leadership
- ILTS Business: Human Resource Management
- ILTS Business: Business Ethics
- ILTS Business: Business Law
- ILTS Business: Global Business
- ILTS Business: Challenges of Globalization
- ILTS Business: Business Communication
- ILTS Business: Computer Basics
- ILTS Business: Information Systems & Applications
- ILTS Business: The Internet and Business
- ILTS Business, Marketing, and Computer Education Flashcards