Here is a list of the tools and supplies that you will need:
Ready mixed joint compound (mud)
3" and 6" drywall knife, flexible blades, not stiff.
"mud " pan
Sanding screen with holder. a 4' pole sander is a great time saver for ceilings.
Dust mask
Fiber mesh joint tape (paper tape is optional)
Small-celled sponge
Lightweight plastic drop cloths or old sheets for protecting furniture etc.
See all the Tools Here

At this point the drywall is hung and the outside corner bead is installed.
The overall idea here is to apply tape and joint compound to all cracks,joints,fasteners,inside and outside corners.
First lets understand how these materials work.
The joint compound is not only a filler, it is also an adhesive for the tape. The idea is to get a thin even layer of mud between the wallboard and the tape, then we apply thicker coats to hide the tape.

Ready mixed joint compound is quite heavy in consistency and we like to "thin" it down some to make it easier to apply. Normally about 1/2 gallon of water per 5 gallon pail is enough. It should slide easily over the wallboard as you drag the knife. If it takes a lot of effort and you find yourself having to force it onto the wall,thin it down a little more.
I do not recommend using the newer lightweight compounds. I have found that they are quite soft and not as smooth as the regular joint compound.

Make sure you have a pail of fresh clean water available for cleaning your tools as you go and also any spills.

Ok, got everything covered up?
Lets get to work and start Finishing.