Ch 8: Overview of Accounting Basics

Overview of Accounting Basics - Chapter Summary

The lessons in this chapter focus on topics including accounting terms, fundamental principles and steps of the accounting cycle. Video and text lessons offer expert instruction and examples to make learning about this material quick and easy.

Other topics covered in this chapter include definitions and examples of relevant concepts and processes, such as operating expenses and business transaction. Once you have completely reviewed this chapter, you should be able to do the following:

• Relate the importance and purpose of accounting to business
• Compare and contrast accounting and bookkeeping
• List different accounting disciplines and identify and define basic accounting terms
• Name the seven major accounting principles
• Explain GAAP standards
• Describe the steps associated with the accounting cycle
• Define types of business transactions and calculate operating expenses
• Differentiate between cash and profit

These short lessons can be easily accessed at any time, on any device, so studying is made convenient to fit any schedule. Instructors can be contacted with questions via an online form, and you can keep track of your progress through this chapter on your Dashboard. Brief self-assessment quizzes help you demonstrate your understanding of these topics and your readiness in applying what you know to exams or classroom discussions.