About This Chapter
Intro to Accounting - Chapter Summary
In this intro to accounting chapter, your employees will get a high-level overview of the applications of accounting in business. Taught by expert accounting instructors, this chapter dives into the purpose, importance, principles and ethics of accounting. Your employees will also examine accounting-related technology, as well as external and internal users in accounting. This professional development chapter is available 24/7, and your employees can access the lessons on any computer or device.
How It Helps
- Builds awareness: The lessons help employees become aware of accounting principles, users and ethics.
- Outlines practical accounting scenarios: The chapter examines ethical issues that can arise in business accounting contexts.
- Builds accounting skills: Employees who complete the chapter will be able to apply these introductory accounting concepts to build basic accounting skills.
By the end of the chapter, your employees should be able to:
- Explain the purpose, uses, and importance of accounting
- Assess the relationship between accounting and business
- Identify accounting's external and internal users
- Define the Generally Accepted Accounting Principles
- Determine why ethics are important in accounting
- Analyze a variety of ethical scenarios in accounting
- Describe technology's growing role in accounting
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. 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.
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. Practical Application: Ethical Scenarios in Accounting
Accounting is a very technical, and sometimes complex, skill to master. Accounting professionals must uphold the highest ethical standards at all times so that trust in an organization remains high.
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.
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Other chapters within the Financial Accounting: Skills Development & Training course
- Financial Statements in Accounting Overview
- Mechanics of the Accounting Cycle Overview
- Adjusting Accounts & Preparing Financial Statements
- Internal Controls in Accounting Overview
- Merchandising Operations & Inventory in Accounting
- Receivables in Accounting Overview
- Current & Long-Term Liabilities in Accounting