Financial Accounting Part 1

- Hi, I'm Jim Stice. I'm a professor of accounting at Brigham Young University. This is my brother, Kay. - I'm also a professor of accounting at Brigham Young University. - We've been teaching accounting for a combined total of over 70 years. - In this course, we will introduce you to the key topics in accounting. - [Jim] We'll explore the financial statements, the balance sheet, the income statement, and the statement of cash flows. - [Kay] We will look at some real examples. You are going to see the actual financial reports of Microsoft, Walmart, and others. - We will discuss the interesting difference between net income and cash flow.

Nope, they are not the same thing. - [Kay] You will learn about the famous debits and credits, a system that was described by the German poet, scientist, and philosopher, Johann Wolfgang Von Goethe, as one of the finest inventions of the human mind. - Now, we've designed this accounting course to be self-contained, and we carefully explain any terminology that we use. - In short, this is an introductory course, with no prior accounting knowledge necessary. - You're going to love this. Welcome to accounting.