Turning the page from sales in this section we’re going to go over accounting a slightly more technical field. Now accounting by its very nature simply keeps up with or accounts for whatever goes on in the organization. So with that being said we’re going to review exactly what is accounting specifically financial and managerial accounting.

We’re going to look at the financial statements that is the income statement the statement of retained earlings, the balance sheet, and the Statement of cash flow and then we’ll end this section by going over briefly. Some of the financial metrics used to evaluate an organization, and the reason we do this is because the metrics or the information we need in these metrics to evaluate an organization.

Comes from accounting or the financial statements. So with that being said, it’s an easy segue into our subsequent section, which is the finance sections, which is generally where these performance metrics are employed to make decisions about how to allocate resources in the organization or how to fund projects.

So with that being said. This should provide you a base understanding of what is accounting, and of course for more information in much greater detail, take a look at our accounting course.