4 Tutorials that teach Accounting in Practice
Take your pick:
Accounting in Practice

Accounting in Practice

Author: Jere Smith
In this lesson, the student will learn about financial and managerial accounting and major roles in the field of accounting.
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

226 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 21 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.


Notes on “Accounting in Practice”

Key Terms

Financial Accounting

Branch of accounting focused on external reporting of financial status to provide information to decision makers and interested parties.

Managerial Accounting

Branch of accounting focused on internal reporting to assist internal management with decisions, structure and goals.


An individual or organization that legally owns one or more shares in a company.


An individual who has dedicated capital to a company with an expectation of a return on their investment.


Individual within an organization accountable for all aspects of financial reporting and accounting.


A practitioner with acquired skills in the field of accountancy.


An individual who documents an organization's monetary transactions.


An individual who conducts an objective appraisal of accounting processes and data within an organization.