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Ch 29: MTEL Business: Overview of Accounting

About This Chapter

Reinforce your understanding of accounting principles and practices using our video lessons and self-assessment quizzes. You can expect to be tested on these concepts when you take the Massachusetts tests for Educator Licensure (MTEL) Business exam.

MTEL Business: Overview of Accounting - Chapter Summary

The lessons comprising this chapter provide you with the opportunity to build upon your existing comprehension of or learn new information about accounting processes. You will review basic accounting procedures, terminology, tools and ethics. Full knowledge of this material allows you to display the following abilities and to correctly answer relevant questions found on the MTEL Business exam:

  • Relating what accounting is and how and why it is used in business
  • Identifying the principles of accounting
  • Listing the forms of accounting information available to those inside and outside of a company
  • Naming and defining each of the Generally Accepted Accounting Principles (GAAP)
  • Explaining how GAAP was developed
  • Describing the practice and importance of ethics in accounting
  • Exploring the growth of technology use in accounting

Lessons are brief but informative, focusing on topics appearing on the MTEL Business exam. Quizzes accompanying each lesson allow you to check what you've learned and ensure that you have a full understanding of the material you have reviewed before moving on to the next lesson.

MTEL Business: Overview of Accounting - Chapter Objectives

The MTEL Business exam is used to assess your comprehension of various aspects of business, including accounting, management, finance, marketing and entrepreneurship. The Overview of Accounting chapter is designed to help you study the fundamental concepts of the accounting field as it relates to business purposes and practices. The accounting subarea of the MTEL Business exam accounts for 16% of the multiple-choice portion of the exam. The multiple-choice section of the exam represents 80% of the entire test.

MTEL exams are administered to educators in the state of Massachusetts to measure their skills in communication and literacy, as well as their comprehension within specific content areas. There are about 40 total MTEL exams addressing a wide range of subjects, including biology, dance, earth science, history, music, physics, speech and visual art. The MTEL Business exam consists of 100 multiple-choice and two open-response questions. The exam is computer-based.

6 Lessons in Chapter 29: MTEL Business: Overview of Accounting
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.

The Fundamental Principles of Accounting

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.

External and Internal Users and Uses of Accounting

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.

What Is GAAP? - The Generally Accepted Accounting Principles

4. 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.

The Importance of Ethics in Accounting

5. 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.

Technology in Accounting: The Growing Role of Technology in Accounting

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.

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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Other Chapters

Other chapters within the MTEL Business (19): Practice & Study Guide course

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