- 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 70 years.
- In this course we will start
by giving you an overview of the basics of accounting.
- We will look at the four basic types accounting:
bookkeeping, financial accounting,
managerial accounting, and income tax accounting.
- [Kay] We will then go into more depth
about financial accounting.
We'll explore the financial statements:
the balance sheet, the income statement,
and the statement of cash flows.
- [Jim] We will look at some real examples.
You're going to see the actual financial reports of Walmart.
- Then we'll talk about managerial accounting,
which is the accounting used inside a company.
Well talk about the costing of products,
budgeting, and break-even analysis.
- We will also illustrate some real-world applications
of the important managerial accounting concept,
you get what you measure.
- I'll show you how I have used managerial accounting
in my own home, motivating thrifty behavior
by my then teenage sons.
- [Jim] Finally, we'll look at income taxes,
including the ideas of income tax brackets,
deductions, credits, and more.
- 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 know prior accounting knowledge necessary.
- Welcome to Accounting Foundations.