About This Chapter
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.
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. 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the MTTC Business, Management, Marketing & Technology (098): Practice & Study Guide course
- MTTC: Account Types
- 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