Join Earl Kay Stice for an in-depth discussion in this video A closer look at managerial accounting, part of Accounting Foundations.
Voiceover:Managerial Accounting is all about…communicating to people inside the company.…It's the information that's used on a detail basis,…every single day, inside the company.…Managerial Accounting.…It's secret, it's detailed, it's daily.…Let me illustrate the difference between…Managerial Accounting and Financial…Accounting with this simple example:…We'll talk about Walmart again.…We saw before that Walmart's sales for the year…ended January 31, 2013 was $466 billion dollars.…
Now, at $466 billion, is that a Financial Accounting number?…Or a Managerial Accounting number?…Yeah, it's a Financial Accounting number.…We saw it in their income statement.…That's a report made available…to people outside the company.…So that $466 billion dollars is that sales number,…is a Financial Accounting number.…Now let's imagine for a second that you run Walmart.…You're the C.E.O. of Walmart.…Let's go crazy in our imaginations here.…And you're running the business,…that means you're making daily decisions…about what needs to happen at a Walmart.…
- 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
Next steps3m 9s
- 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.