About This Chapter
PLACE Marketing: Accounting - Chapter Summary
You can use the short videos in this chapter to review fundamental accounting concepts used in business. Each of these lessons breaks down topics that you may come across on the PLACE Marketing Education exam, including:
- How accounting relates to the business world
- Basic accounting principles
- Internal and external accounting
- Accrual and cash-basis accounting
- Periodic reporting
- Generally Accepted Accounting Principles (GAAP)
- Analyzing business transactions
- The accounting cycle
- Accounting ethics
- Technology in accounting
The videos in this lesson can be viewed on a mobile device, as well as a computer, making it convenient to study whenever and wherever you have time. There are also text transcripts that correlate to each video and make it easy to look up key definitions and formulas.
PLACE Marketing: Accounting Objectives
Colorado uses the PLACE exams to assess the knowledge and skills of prospective teachers. The PLACE Marketing Education exam is specifically designed for those seeking a credential to teach marketing to secondary students. This test is made up of multiple-choice questions that cover marketing, marketing education and careers, and basic concepts of business and marketing. The lessons in this chapter can help you prepare for questions on the basic principles of accounting. After watching the videos, prepare for the test by taking the multiple-choice quizzes attached to our lessons.
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. 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 PLACE Marketing Education: Practice & Study Guide course
- PLACE Marketing: Internal Marketing Principles
- PLACE Marketing: External Marketing Principles
- PLACE Marketing: Product & Services Marketing
- PLACE Marketing: Pricing Objectives & Strategy
- PLACE Marketing: Basic Math Concepts
- PLACE Marketing: Transportation, Distribution & Logistics
- PLACE Marketing: Sales Promotion
- PLACE Marketing: Entrepreneurship
- PLACE Marketing: Finance
- PLACE Marketing: Macroeconomics
- PLACE Marketing: Microeconomics
- PLACE Marketing: International Trade & Global Marketing
- PLACE Marketing: Human Resource Management
- PLACE Marketing: Employee Staffing & Retention
- PLACE Marketing: Business Laws & Regulations
- PLACE Marketing: Business Technology
- PLACE Marketing: Computer Literacy
- PLACE Marketing: Information Systems
- PLACE Marketing: Business Communication
- PLACE Marketing: Education & Career Planning
- PLACE Marketing: Employment Skills
- PLACE Marketing: Career Development
- PLACE Marketing Education Flashcards