Ch 26: ORELA Business Education: Accounting Basics

About This Chapter

The resources in this chapter can enhance your preparations for the ORELA Business Education assessment. Watch short videos to get reacquainted with accounting basics then test your knowledge with self-assessment quizzes.

ORELA Business Education: Accounting Basics - Chapter Summary

This comprehensive overview of accounting basics can prepare you for questions on the ORELA Business Education assessment. Explore video lessons that ensure you're ready to:

  • Define and share the purpose and importance of accounting
  • Explain the fundamental principles of accounting
  • Describe external and internal users and uses of accounting
  • Share the meaning of GAAP and the importance of ethics in accounting
  • Discuss the growing role of technology in accounting

The lessons in this chapter are filled with details you can use to make sure you fully understand accounting basics as you study for the exam. Revisit them as often as needed and in any sequence that works best for you studying habits.

ORELA Business Education: Accounting Basics Chapter Objectives

The primary objective of this chapter is to help you answer accounting basics questions on the ORELA Business Education assessment. These questions are found in the accounting, personal financial management and quantitative analysis content domain, which constitutes about 19% of the total test. Explore the lessons in this chapter to refresh your knowledge of the subject area. You can take short quizzes and a chapter exam to gauge your comprehension of the lessons. Any questions you have can be submitted to our experts.

The ORELA assessment examines your knowledge and skills as you seek business education licensure and the opportunity to teach the subject in Oregon classrooms. It consists of 150 multiple-choice questions, is taken on computer and lasts three hours. To pass, you must earn a minimum score of 234.

6 Lessons in Chapter 26: ORELA Business Education: Accounting Basics
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 ORELA Business Education: Practice & Study Guide course

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