Loading...

Why Learn Accounting - Accounting Beginners

4,398 views

Loading...

Loading...

Transcript

The interactive transcript could not be loaded.

Loading...

Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Oct 11, 2015

Why learn accounting is the first question for most new accounting students and those new to the accounting profession.
Accounting is a useful tool for understanding all areas of business, accounting being described as the language of business. On reason is because accounting is involved in all aspects of a business, from the planning and budgeting, to the day to day transactions, to the assessments of performance. No matter what business we are in or what department we are in some form of accounting can be used to measure and improve our performance. Financial accounting is the accumulation of data related to financial transactions and the compilation of this data into relevant form, financial statements. Financial accounting and the resulting financial statements are generated with external users in mind, users like investors, creditors, and customers. The same financial data is used for managerial decision making as well but the financial statements are much more regulated because external users are more dependent on the financial statements, external users not having as intimate knowledge of the business. In order to build trust from external user’s financial statements often conform to a strict set of accounting rules, rules governed by Generally Accepted Accounting Principles (GAAP). These rules are often best practices as well but they will lead to more conformity in the reporting of financial data on financial statements. Managerial accounting is for internal use. Managerial accounting uses much the same financial data but may compile this data in different ways, ways that could drill down on particular processes rather than looking at the big picture, as financial statements are designed to do. Managerial reports are for internal use, for management.
Why Learn Accounting - Financial Accounting / Managerial Accounting
https://youtu.be/uaWDB1YdA1k?list=PL6...
101 Double Entry Accounting System Explained - Accounting Equation
https://youtu.be/66e9QbrkE4g?list=PL6...
101 Cash vs Accrual - Cash Method / Accrual method differenc
https://youtu.be/i2O0cexCrqc?list=PL6...
101 Revenue Recognition Principle
https://youtu.be/M_pauBGz5Jc?list=PL6...
Double Entry Accounting System Explained - Balance Sheet
https://youtu.be/kOItl8E3fNA?list=PL6...
101 Income Statement Introduction
https://youtu.be/1k11H8icQxc?list=PL6...
101 Accounting Objectives - Relevance Reliability Comparability
https://youtu.be/mO8tPzFmN8o?list=PL6...
101 Transaction Rules - Accounting Equation
https://youtu.be/0vy6W_WTO2I?list=PL6...
101 Transaction Throught Process / Steps - Accounting Equation
https://youtu.be/SlTo3EXDuqU?list=PL6...
101 Owner Deposits Cash Transaction Accounting Equation
https://youtu.be/lPZoImc88eU?list=PL6...
101 Work Completed for Cash Transaction Accounting Equation
https://youtu.be/ll5xIHVdrVs?list=PL6...
100.110 Pay Employee with Cash Transaction Accounting Equati
https://youtu.be/bSa3NuVpkwc?list=PL6...
200 Debits & Credits Normal Balance - Double Entry Accounting Sy
https://youtu.be/alSWKuWPlxU?list=PL6...
200 Debits & Credits - One Rule to Rule Them All
https://youtu.be/RL3BFjL1eyE?list=PL6...

Loading...

Advertisement
When autoplay is enabled, a suggested video will automatically play next.

Up next


to add this to Watch Later

Add to

Loading playlists...