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Learn about external financial statements, internal managerial accounting reports, income tax systems and how they interact in business decision-making. Brothers and professors of accounting at Brigham Young University Jim and Kay Stice review the accounting equation, the three primary financial statements, how to use accounting to aid decision making, and how income taxes figure into business and personal decisions. They use real-world example data from Walmart and other business so you can see how numbers drive everything from wages and product costs to home budgets.
(bright music) Hi, I'm Kay Stice. Welcome to Accounting Fundamentals. I'm going to start by giving you an overview of the basics of accounting, and we'll look at the four basic types of accounting, bookeeping, financial accounting, managerial accounting, and income tax accounting. Next, we're going to go into more depth about financial accounting. We'll explore the financial statements. We're actually going to look at some real examples. You're going to see the actual financial reports of Walmart.
Then we'll talk about managerial accounting, which is the accounting used inside a company. We'll talk about the costing of products, budgeting, break even analysis. We'll also look at some real-world applications, and I'll show you how I use managerial accounting in my own household. Finally, we'll look at income taxes, including the ideas of income tax brackets, deductions, credits, and more. Welcome to Accounting Fundamentals.
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