About This Chapter
MTTC: Account Types - Chapter Summary
Our experienced instructors will guide you through a review of account types in business accounting before you take the MTTC Business, Management, Marketing and Technology test. The lessons in this chapter explore the following topics:
- Using accounts to categorize transactions
- The differences between temporary and permanent accounts
- Comparing real and nominal accounts
- The purpose of source documents in accounting
- Defining ledgers and charts of accounts
- How to record business transactions in accounting
Our instructors offer fact-filled presentations and fun visuals to make studying account types a breeze. Each video is less than 10 minutes long and can be re-watched as often as you'd like. You can also click on video tags to jump to main ideas within the lesson.
MTTC: Account Types Chapter Objectives
The state of Michigan uses the MTTC Business, Management, Marketing and Technology test to assess the knowledge and skills necessary for entry-level educators to teach this subject matter. The test consists of 100 multiple-choice questions and is administered in both paper-based and computer-based formats. Test takers have 4 and ½ hours to complete all paper test questions, and 2 and ½ hours to answer computerized questions.
The test is organized into four subareas, each of which accounts for 25% of the test. The business subarea includes accounting content. Take our multiple-choice quizzes and chapter exam to prepare to answer questions about account types on the test.
1. What Are Accounts? - Definition and Use to Categorize Transactions
Everything in this world is made up of parts. Accounting is no different. The numerous parts that exist in the accounting world are called accounts. In this lesson, you will learn what accounts are, how they are classified, and what they do.
2. Temporary & Permanent Accounts: Definition & Differences
Accounts are classified in a variety of ways in accounting. In this lesson, you will learn about two types of account classifications: temporary and permanent accounts.
3. Real Accounts vs. Nominal Accounts: Definition, Differences & Examples
In accounting, there is a classification for everything. Transactions, financial statements, and accounts are broken down into classifications. In this lesson, we will be discussing two classifications of accounts - real accounts and nominal accounts.
4. Source Documents in Accounting: Definition and Purpose
Do you know what role source documents play in accounting? If not, don't worry; by the end of this lesson, you will. You will also learn the definition of source documents and see some common examples of source documents.
5. 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.
6. 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.
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Other chapters within the MTTC Business, Management, Marketing & Technology (098): Practice & Study Guide course
- MTTC: Accounting
- MTTC: Financial Statements
- MTTC: Financial Planning & Markets
- MTTC: Taxation & Liability
- MTTC: Business Math
- MTTC: Business Communication Strategies
- MTTC: Types of Business Communication
- MTTC: Regulation in Business
- MTTC: Business Law
- MTTC: Business Ethics
- MTTC: Management & Leadership
- MTTC: Human Resource Management
- MTTC: Human Resource Processes
- MTTC: Labor Relations
- MTTC: Macroeconomics
- MTTC: Microeconomics
- MTTC: Personal Finance
- MTTC: Managing Debt & Risk
- MTTC: Marketing Strategy
- MTTC: Consumer Marketing
- MTTC: Marketing Channels & Distribution
- MTTC: Marketing Economics
- MTTC: Entrepreneurship
- MTTC: International Trade & Marketing
- MTTC: Information Technology in Business
- MTTC: Information Systems
- MTTC: Hardware & Software
- MTTC: Security & Privacy
- MTTC: Career Management
- MTTC Business, Management, Marketing & Technology Flashcards