Join Earl Kay Stice for an in-depth discussion in this video Income taxes, part of Accounting Foundations.
The fourth basic flavor of accounting…is income tax accounting.…Bookkeeping, gather the raw data.…Financial reporting, we're reporting to people…outside our company who might want…to loan us money,…or might want to invest in our company.…Managerial accounting, the detailed stuff…that we use in our company every day…to make decisions.…Income tax reporting, that's accounting done…to satisfy our legal obligations.…So let's talk about income tax accounting.…You may have heard before people talking…about big companies how they keep…two set of books or they keep five sets of books.…
Well, how many sets of books…does a large U. S. corporation keep?…We're not talking about doing anything shady here.…Legitimately, how many sets of books…does a large company keep?…Any large company in the world keeps…three sets of books.…Of course there's one underlying bookkeeping system…that generates all the data,…but then different reports are prepared…for different purposes.…First there are the financial set of books if you will.…Those are the reports that are provided to outsiders,…
- 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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