Join Earl Kay Stice for an in-depth discussion in this video Next steps, part of Accounting Fundamentals.
Voiceover:Let's review the four flavors…of accounting.…First there is bookkeeping.…That's been around for 7,000 years.…Just keeping track of our stuff,…gathering information about the transactions…that occur in a business or an organization.…If you don't have bookkeeping, if you're not…gathering the information, then none of the rest…of this is even possible.…So bookkeeping, just gathering the transaction data…so we have a chance of knowing what is happening…in our organization.…Financial accounting involves summary reports.…
Three pages.…The balance sheet, the income statement,…and the statement of cash flows.…Summary reports that are given to people…outside our business who are making decisions…with respect to our business.…Maybe a bank is considering whether…to loan us money or not.…Maybe some potential investors are considering…whether to invest in our company or not.…Maybe a potential supplier is considering…whether to sell to us on credit.…Maybe a news reporter out there just wants…to get a general sense of what's going on…
- 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
Financial Literacy: Reading Financial Reportswith Rudolph Rosenberg1h 25m Appropriate for all
Making Investment Decisionswith Rudolph Rosenberg56m 29s Appropriate for all
1. Basics of Accounting
2. Financial Accounting
3. Managerial Accounting
4. Income Taxes
Next steps3m 9s
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