{"id":3241,"date":"2023-02-19T16:12:10","date_gmt":"2023-02-19T16:12:10","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/fresh-take-16-1-what-is-accounting\/"},"modified":"2025-05-28T14:24:28","modified_gmt":"2025-05-28T14:24:28","slug":"fresh-take-16-1-what-is-accounting","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/fresh-take-16-1-what-is-accounting\/","title":{"raw":"Fresh Take 16.1: What Is Accounting?","rendered":"Fresh Take 16.1: What Is Accounting?"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what accounting is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what accounting is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses financial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses financial accounting<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses managerial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses managerial accounting<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>What Accounting Is<\/h2>\r\n<section class=\"textbox watchIt\">\r\n<p>[embed]https:\/\/youtube.com\/watch?v=WR2oftI_urg&amp;si=EnSIkaIECMiOmarE[\/embed]<\/p>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/Whatdoesanaccountantdoandwhyisitsoimportant.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cWhat does an accountant do and why is it so important?\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<h2>Financial vs. Managerial Accounting<\/h2>\r\n<section class=\"textbox watchIt\">\r\n<p>[embed]https:\/\/youtube.com\/watch?v=qISkyoiGHcI&amp;si=EnSIkaIECMiOmarE[\/embed]<\/p>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/FINANCIALvsMANAGERIALAccounting.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cFINANCIAL vs MANAGERIAL Accounting\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<h2>GAAP<\/h2>\r\n<section class=\"textbox watchIt\">\r\n<p>[embed]https:\/\/youtube.com\/watch?v=bjwi4Zp2IiE&amp;si=EnSIkaIECMiOmarE[\/embed]<\/p>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/TheImportanceofGAAP.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cThe Importance of GAAP\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what accounting is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what accounting is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses financial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses financial accounting<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses managerial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses managerial accounting<\/span><\/li>\n<\/ul>\n<\/section>\n<h2>What Accounting Is<\/h2>\n<section class=\"textbox watchIt\">\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"What does an accountant do and why is it so important?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/WR2oftI_urg?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/Whatdoesanaccountantdoandwhyisitsoimportant.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cWhat does an accountant do and why is it so important?\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n<h2>Financial vs. Managerial Accounting<\/h2>\n<section class=\"textbox watchIt\">\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"FINANCIAL vs MANAGERIAL Accounting\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/qISkyoiGHcI?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/FINANCIALvsMANAGERIALAccounting.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cFINANCIAL vs MANAGERIAL Accounting\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n<h2>GAAP<\/h2>\n<section class=\"textbox watchIt\">\n<p><iframe loading=\"lazy\" id=\"oembed-3\" title=\"The Importance of GAAP\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/bjwi4Zp2IiE?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/TheImportanceofGAAP.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cThe Importance of GAAP\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n","protected":false},"author":21,"menu_order":6,"template":"","meta":{"_candela_citation":"[{\"type\":\"copyrighted_video\",\"description\":\"What does an accountant do and why is it so important?\",\"author\":\"\",\"organization\":\"UNC Kenan-Flagler Business School\",\"url\":\"https:\/\/www.youtube.com\/watch?v=WR2oftI_urg\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"FINANCIAL vs MANAGERIAL Accounting\",\"author\":\"\",\"organization\":\"Accounting Stuff\",\"url\":\"https:\/\/www.youtube.com\/watch?v=qISkyoiGHcI\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"The Importance of GAAP\",\"author\":\"\",\"organization\":\"Financial  Accounting Standards 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