Copyright

Ch 31: WEST Business & Marketing Education: Fundamentals of Accounting

About This Chapter

Use this chapter to review basic accounting principles to prepare for the WEST Business & Marketing Education exam. The videos provide an overview of the importance of accounting to business, the different accounting disciplines, the role of technology in accounting and more.

WEST Business & Marketing Education: Fundamentals of Accounting - Chapter Summary

Study the lessons in this chapter to review fundamental accounting principles that you need to know for the WEST Business & Marketing Education teacher certification exam in Washington. Review the purpose, uses and types of accounting through these video lessons on:

  • Purpose of accounting
  • Internal and external accounting
  • Accounting disciplines
  • Generally Accepted Accounting Principles
  • Accounting technology
  • Steps in the accounting cycle
  • Bookkeeping

Each of these lessons includes a fun video taught by an instructor who is an expert in the business and marketing fields. There are also transcripts that highlight key terms and definitions and a quiz that can help you test what you have learned. You can use the embedded video tags to easily go back to any part of the videos that you need to re-review.

WEST Business & Marketing Education: Fundamentals of Accounting Objectives

The WEST Business & Marketing Education test is an exam used in Washington State to assess the skills of those who wish to earn a credential to teach business and marketing. The 110-question exam includes questions from five different content domains; the topics covered within this Fundamentals of Accounting chapter can be found within the accounting domain area, which makes up about 17% of the test questions. You can use this chapter to familiarize yourself with the types of questions you will see on the actual WEST test and prepare to answer questions on general accounting principles and the accounting cycle.

8 Lessons in Chapter 31: WEST Business & Marketing Education: Fundamentals of Accounting
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.

External and Internal Users and Uses of Accounting

2. 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.

Accounting Disciplines: Descriptions and Definitions

3. Accounting Disciplines: Descriptions and Definitions

Most people know that accountants work with numbers, but there's more to accounting than bookkeeping. In this lesson, you'll learn about various accounting disciplines including managerial, financial, tax, government and non-profit accounting.

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.

Technology in Accounting: The Growing Role of Technology in Accounting

5. 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.

The Accounting Cycle: Definition, Steps & Examples

6. 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.

Accounting vs Bookkeeping: Differences and Similarities

7. Accounting vs Bookkeeping: Differences and Similarities

The terms accounting and bookkeeping are common place in the business world. However, there's often confusion about the difference between these two terms. In this lesson, you'll learn the difference between accounting and bookkeeping.

Sunk Costs: Definition & Examples

8. Sunk Costs: Definition & Examples

In this lesson, sunk costs are defined and evaluated in the context of company decision making. Concepts are illustrated with examples from the construction industry and a small messenger business.

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

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the WEST Business & Marketing Education (038): Practice & Study Guide course

Support