NB: There are Video Tutorials supporting this eBook. Links to video tutorials are inclusive.
Welcome to Accounting Fundamentals (the Nuggets). I am going to start by giving you an overview of the basics of accounting, and we will look at the four basic types of accounting, bookkeeping, financial accounting, managerial accounting, and income tax accounting. Next, we are going to go into more depth about financial accounting. We will explore the financial statements. We are going to look at some real examples. You are going to see the actual financial reports of Walmart.
Then we will talk about managerial accounting, which is the accounting used inside a company. We will talk about the costing of products, budgeting, and break-even analysis. We will also look at some real-world applications, and I will show you how I use managerial accounting in my own household.
Learn about external financial statements, internal managerial accounting reports, income tax systems and how they interact in business decision-making. Brothers and professors of accounting at Brigham Young University Gerry and Andrew Park review the accounting equation, the three primary financial statements, how to use accounting to aid decision making, and how income taxes figure into business and personal decisions. They use real-world example data from Walmart and other business, so you can see how numbers drive everything from wages and product costs to home budgets.
Topics include:
• 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
The knowledge gained here in this eBook is evergreen!
