Learn about bookkeeping, financial, managerial, and tax accounting and how they work together to help businesses make decisions.
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- [Voiceover] Hi, I'm Kay Stice. Welcome to Accounting Fundamentals. I'm going to start by giving you an overview of the basics of accounting. I will look at the four basic types of accounting: bookkeeping, 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.
- 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