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Ch 1: MTTC: Accounting

About This Chapter

Watch these video lessons to refresh your memory on key aspects of business accounting, including ethics, use of technology, and the accounting cycle. Use these resources as practice for the MTTC Business, Management, Marketing, and Technology exam.

MTTC: Accounting - Chapter Summary

In this chapter, you can get reacquainted with the formulas, practices, and terminology associated with modern-day accounting. During your study sessions for the MTTC Business, Management, Marketing, and Technology exam, take a look at the lessons in our chapter to find out more about the following:

  • Accounting fundamentals and uses
  • Cash-basis versus accrual accounting
  • Periodic reporting in accounting
  • Generally accepted accounting principles (GAAP)
  • Accounting cycles, equations, and internal controls
  • The Sarbanes-Oxley Act
  • The role of technology in accounting

We can give you the tools to make your study time more productive. For those of you constantly on the go, everything on our site can be accessed around the clock from any location that has Wi-Fi. Also, every chapter is broken up into miniaturized lessons, which are easier to get through and are often easier to remember than long blocks of information. Additionally, if you only need to go over topics in certain areas, the timeline tags and well-organized lesson transcripts make it easy to find just the information you need to study.

MTTC: Accounting - Chapter Objectives

The MTTC Business, Management, Marketing, and Technology exam is part of the certification process for these subject areas in the state of Michigan. As a multiple-choice style exam, individuals are asked to read through 100 questions and select the best responses out of those available. Each of the four subject areas on the test have the same percentage of questions. Accounting topics have been included in the business section of the exam. Among other topics in this section, you could be asked the accounting cycle, basic accounting practices, and how to use source documents and other financial statements. By using our chapter materials to re-familiarize yourself with these accounting topics, you should be more capable of answering these questions correctly.

12 Lessons in Chapter 1: MTTC: 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.

The Differences Between Accrual & Cash-Basis Accounting

4. The Differences Between Accrual & Cash-Basis Accounting

There are two accounting methods that companies can choose from when deciding how they want their books done. They are cash basis and accrual basis. In this lesson, you will learn the differences between the two.

Periodic Reporting & the Time Period Principle

5. Periodic Reporting & the Time Period Principle

Time plays a very important role in accounting and financial reporting. In this lesson, you will learn why time is important as we discuss periodic reporting and the time period principle.

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.

Using the Accounting Equation: Analyzing Business Transactions

7. 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.

The Accounting Cycle: Definition, Steps & Examples

8. The Accounting Cycle: Definition, Steps & Examples

Accounting is essential to the proper and efficient functioning of a business. In fact, it is often referred to as the 'language of business.' In this lesson, you'll learn about the steps in the accounting cycle. A short quiz follows.

The Importance of Ethics in Accounting

9. 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.

Internal Controls in Accounting: Definition, Types & Examples

10. Internal Controls in Accounting: Definition, Types & Examples

Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.

The Sarbanes-Oxley Act: Definition and Explanation

11. The Sarbanes-Oxley Act: Definition and Explanation

Government regulations play a major role in corporate financial reporting. In this lesson, you will learn about one of the most important regulations enacted in the last two decades - the Sarbanes-Oxley Act.

Technology in Accounting: The Growing Role of Technology in Accounting

12. 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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