Learn accounting. Get an introduction to the four basic types: financial accounting, managerial accounting, income tax accounting, and bookkeeping.
Accounting uses financial information from the past to make decisions in the present to change the future. This course provides an introduction to the four basic types of accountingâbookkeeping and financial, managerial, and tax accountingâand explains the links between accounting, decision-making, business performance, and financial health. Accounting professors Jim and Kay Stice review the three primary financial statements, using actual examples from companies like Walmart. They show how businesses use managerial accounting to build budgets and determine the cost of products, and explain how income taxes, credits, and deductions are calculated in the United States. The course is self-contained; there are no prerequisites or specialized knowledge required to follow along. By the end, you should have a better understanding of accounting and how it affects your business or personal finance.
The importance of accounting
What you should know
1. What Is Accounting?
The four flavors of accounting
2. Financial Accounting: Balance Sheet
Who uses financial statements?
The accounting equation
Balance sheet example: Walmart assets
Balance sheet example: Walmart liabilities and equity
Limitations of the balance sheet
3. Financial Accounting: Income Statement and Cash Flow