From the course: Finance Foundations: Income Taxes
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Different kinds of taxes
From the course: Finance Foundations: Income Taxes
Different kinds of taxes
- There are four general types,or flavors of accounting. - There are four general types or flavors of accounting. The first type is bookkeeping. Bookkeeping involves theraw collection of data. Bookkeeping involves the raw collection of data, how many customers came in, what did they buy, What did they buy? what goods are still sitting on my selves? That's bookkeeping. The second flavor of accountingis financial accounting, The second flavor of accounting is financial accounting which is focused on the summary reports that a business gives to people outside the company. When a company goes to a bank to get a loan or when a company approaches new partners to invest in the business, the bank or the potential partners ask ask for summary financial reports. for summary financial reports. That's financial accounting. The third general type,or flavor, of accounting, The third general type or flavor of accounting is called managerial accounting. Managerial accounting is the detailed…
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