Accounting Foundations (2019)

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 accounting—bookkeeping and financial, managerial, and tax accounting—and 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.

Learning objectives
Differentiate between the four kinds of accounting: bookkeeping, financial accounting, managerial accounting, and income tax accounting.
Explain the use of financial statements.
Describe the three items that make up the accounting equation: assets, liabilities, and equity.
Identify the items listed on a balance sheet.
Compute earnings per share.
Differentiate between tax credits and tax deductions.