Ch 27: ORELA Business Education: Accounting Cycle

About This Chapter

The short and engaging video lessons in this chapter can help you study for the ORELA Business Education assessment. Gain greater insight into the accounting cycle, then test your knowledge with lesson quizzes and a chapter exam.

ORELA Business Education: Accounting Cycle - Chapter Summary

As you study for the ORELA Business Education assessment, it's good to feel confident that you know what to expect on the exam. This chapter offers insight into the accounting cycle exam topic and prepares you to:

  • Define and identify components of the accounting equation
  • Differentiate between accrual and cash-basis accounting
  • Use the accounting equation and define and use accounts
  • Share your understanding of ledgers and chart of accounts
  • Understand debits, credits and how to record business transactions in accounting
  • Analyze business transactions using the accounting equation
  • Compute and interpret return on assets
  • Describe journal entries and trial balance in accounting

The lessons allow you to refresh your knowledge of the accounting cycle at a pace that works for you. Review the lessons any time, in any sequence and as often as needed. You can also explore them on your mobile devices if you need to study on-the-go.

ORELA Business Education: Accounting Cycle - Chapter Objectives

This chapter prepares you for questions found in the accounting, personal financial management and quantitative analysis content domain of the ORELA Business Education assessment. This domain constitutes about 19% of the total test. Review the lessons to increase your comprehension of the accounting cycle. You can gauge your readiness to tackle questions on the assessment by taking short quizzes and a chapter exam.

The test ensures educators have the knowledge and skills needed to teach business education to students in Oregon classrooms. Earning a passing score of 234 or higher helps educators secure the proper teaching licensure. Prepare to answer 150 multiple-choice questions on the computer-based test. In addition to accounting, the test explores business management, economics, marketing, business communications and more.

10 Lessons in Chapter 27: ORELA Business Education: Accounting Cycle
Test your knowledge with a 30-question chapter practice test
The Accounting Equation: Definition & Components

1. The Accounting Equation: Definition & Components

There are a few basic building blocks that form the foundation of accounting. One of those is the accounting equation. In this lesson, you will learn what makes up the accounting equation, its purpose, and how it works.

The Differences Between Accrual & Cash-Basis Accounting

2. 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.

Using the Accounting Equation: Adding Revenues, Expenses & Dividends

3. Using the Accounting Equation: Adding Revenues, Expenses & Dividends

Accounting is built on a solid foundation called the basic accounting equation. In this lesson, you're going to learn what happens when you add revenue, expenses, and dividends to the basic equation.

What Are Accounts? - Definition and Use to Categorize Transactions

4. 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.

Ledgers and Chart of Accounts: Definitions and Use

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.

Understanding Debits and Credits in Accounting

6. Understanding Debits and Credits in Accounting

Debits and credits are major players in the accounting world. In this lesson, you will learn just what debits and credits are and why they are important to accounting.

Recording Business Transactions in Accounting

7. 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.

Using the Accounting Equation: Analyzing Business Transactions

8. 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.

Computing and Interpreting Return on Assets

9. Computing and Interpreting Return on Assets

There are a number of ratios that can be calculated by information found on the financial statements. In this lesson, you will learn about return on assets.

Journal Entries and Trial Balance in Accounting

10. Journal Entries and Trial Balance in Accounting

There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.

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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