Accounting Fundamentals

Introduction

• Welcome

Basics of Accounting

1. What is accounting
2. Book keeping
3. Financial Accounting
4. Managerial accounting
5. Income taxes

Financial Accounting

1. Financial accounting
2. Overview of the balance sheet
3. Balance sheet example
4. Limitations of the balance sheet
5. Differences between the balance sheet and income statement
6. Overview of the income statement
7. Income statement example
8. Overview of the cash flow statement
9. Cash flow example
10. Summary of financial reporting

Managerial Accounting

1. A closer look at managerial accounting
2. Product costing
3. Break even
4. Budgets
5. Performance evaluation example Drilling contest
6. Performance evaluation example Optometrist
7. Performance evaluation example Stice boys.

Income Taxes

1. Tax brackets and taxes rates
2. Tax deductions and credits
3. Capital gains vs ordinary income
4. Income tax summary

Conclusion

• Next steps