Lesson Summary and Quiz
Familiarization and understanding are necessary before mastery is achieved. The course serves as an introduction to accounting starting with its definition from different perspectives, focusing on accounting as a service activity, which is the basis for quality and standards. The characteristics of accounting come from its nature and activities. Knowing its history from ancient civilization to its current state, and significant developments during the intervening periods encourages appreciation and deeper understanding of underlying principles and practices.
Course summary
This is a summary of the salient points in each lesson. Be sure to complete the main lessons before proceeding to this unit.
Students of accounting study its history for most of the same reasons historians do. Tracing the history of accounting through different and significant periods and eras leads to deeper understanding of its development and the role it played in society. Accounting is a product of its environment facilitated by discoveries that made it easier, more efficient and convenient. These facilitators enabled the accountant to meet the demands of users of information who needed to make decisions also in response to environmental factors.
Because of the growth in commerce, changes in regulations, and new ways of doing business, information requirements have become more complex. Providers of capital required more details and situation-specific information. General accounting procedures, usually adequate for routine transactions, needed a new approach. Accounting evolved into several branches as the demand for these services became widespread and was sought by many users of information in business, industry, government, and the public. New regulations and changes in taxation also required focus and specialization.
With new challenges come new opportunities. This is especially true with the evolution of the accounting profession into a multi-branch and multi-field discipline, requiring special skills. The accountant has many opportunities to acquire skills valued all over the world and the means to officially be recognized as a competent specialist, through various formal certifications granted by prestigious organizations.
With new challenges come new opportunities. This is especially true with the evolution of the accounting profession into a multi-branch and multi-field discipline, requiring special skills. The accountant has many opportunities to acquire skills valued all over the world and the means to officially be recognized as a competent specialist, through various formal certifications granted by prestigious organizations.
E-Book
End-of-lesson quiz
This is a thirty-minute, thirty-item quiz. You can take and retake the quiz any time. Have a passing score, at least once, of twenty-four correct answers (80%). You may skip questions for later review but items unanswered upon submission are counted as incorrect. Take the quiz when you are certain of your familiarity with and understanding of the course contents. You may view statistics for the course on your profile page.
- Quizzes are time-limited; remaining time is indicated while the quiz is in progress.
- Questions can be skipped for later review; however, any question left unanswered upon submission will be marked wrong.
- More than one attempt is usually allowed; this is an opportunity to improve scores.
- Quiz results, correct answers, and wrong responses to each question are presented at the end of the quiz.
- The average score of all who took the quiz previously is indicated.
- Additional statistics for the quiz are available in the profile page, including time spent on each question.
- Before taking the quiz for the second or third time, it is advisable to review the materials for any item that may need further understanding.
