Fundamental Accounting Concepts

sing real world examples, this live-action video introduces the profession of accounting in a dynamic style. The program begins with a brief history of accounting from ancient cuneiform business records to the introduction of the “double entry” accounting methods developed in medieval times, to today’s high tech computer software. Through vignettes and animated graphics, accounting principles will come to life for viewers. Students will come to understand that accounting is a specialized language that helps people understand the financial operations of every kind of business no matter how different. Viewers will follow step by step the establishment of a small business and come to realize that accounting is necessary for the growth and success of any business endeavor. Students will learn the importance of collecting and compiling financial transactions that serve as the foundation for producing important financial reports. Scenarios are introduced to provide students with insights into the way business owners, and financial institutions use accounting records to make important financial and daily managerial decisions that directly impact the business, its owners and employees. Students will learn about GAAP, or Generally Accepted Accounting Principles and how they are used to prepare and standardize financial data such as profit and loss statements, balance sheets and cash flow statements. Objectives • Learn the history of accounting • Understand accounting is the specialized language of business • Realize the importance of compiling and analyzing financial transactions • Learn about Generally Accepted Accounting Principles • Understand the necessity of standardized financial data