Join Jim Stice for an in-depth discussion in this video What is accounting?, part of Finance for Non-Financial Managers.
- View Offline
- Now let's turn our attention to accounting.…What is accounting?…First, accounting is quantitative,…you knew that, it's numbers.…Second, accounting is financial in nature,…that means money, numbers about money.…Third, accounting is meant to be useful,…it's a very practical field of study.…Well, useful for what?…That's the fourth aspect of accounting,…useful in making decisions.…Accounting helps you use the past right now…in the present to change the future.…
Accounting is quantitative, numbers about money…to help people, you and me, make better decisions.…That's accounting.…Now there are four different types of accounting.…First, the most fundamental type…of accounting is bookkeeping,…just the routine gathering of the information,…making sure that everything gets recorded…because if it doesn't get recorded…we'll never know about it.…So bookkeeping is the systematic…gathering of financial information.…The second flavor of accounting…is called financial accounting.…
This is reporting to people outside your organization,…
- Interpret financial reports and make decisions based on available data
- Manage inventory and receivables
- Create an accurate budget
- Cost a product or service
- Analyze customers
- Understand your income taxes
- Communicate your contribution to the bottom line
Skill Level Appropriate for all
1. Understanding Finance and Accounting
2. Most Common Financial Reports
3. Techniques for Using Financial Reports
4. Short-Term Financial Management
5. Costing a Product or Service
Drafting a budget4m 59s
7. Income Taxes
Next steps1m 38s
- Mark as unwatched
- Mark all as unwatched
Are you sure you want to mark all the videos in this course as unwatched?
This will not affect your course history, your reports, or your certificates of completion for this course.Cancel
Take notes with your new membership!
Type in the entry box, then click Enter to save your note.
1:30Press on any video thumbnail to jump immediately to the timecode shown.
Notes are saved with you account but can also be exported as plain text, MS Word, PDF, Google Doc, or Evernote.