Join Earl Kay Stice for an in-depth discussion in this video Financial accounting, part of Accounting Foundations.
Let's dig in to a little bit more detail…about financial accounting.…But first a quiz.…Financial accounting, are those reports directed…to people outside the business…or are those reports directed to people…inside the business?…You're thinking, yeah you got it.…Financial accounting is directed towards…people outside the business.…So lets talk more about financial accounting,…these reports directed to outsiders.…The key external users of financial accounting data…are lenders and investors,…the people who provide the capital to a business…so that you can turn your dreams into realty.…
I need $100 million.…Well I'm going to have to borrow it or I'm going to have to…get new investors in my business.…Those are the key users of financial accounting data.…Without financial accounting data it would be impossible…for companies to raise money from strangers.…The financial accounting data provide…that environment of trust where lenders…and investors feel comfortable giving money…to an entrepreneur to start a business or expand a business.…
- What is accounting?
- Working with balance sheets and income statements
- Determining the costs of products
- Performing break-even analysis
- Determining average and marginal tax rates
- Understanding tax deductions and credits
Skill Level Appropriate for all
1. Basics of Accounting
2. Financial Accounting
3. Managerial Accounting
4. Income Taxes
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