Financial Accounting: Foundations from Coursera

In this course, you will learn foundations of financial accounting information. You will start your journey with a general overview of what financial accounting information is and the main financial statements. You will then learn how to code financial transactions in financial accounting language. In the meantime, you will learn about the most important concept in contemporary financial accounting: accrual accounting. You will then critically analyze how firms recognize revenues. Finally, you will finish the course with an analysis of accounting for short-term assets where you will go into detail on how firms account for accounts receivables and inventories.

Upon successful completion of this course, you will be able to:

• Understand main financial statements and the financial information they provide

• Write a financial transaction in financial accounting language and understand how this impacts main financial statements

• Understand how accrual accounting and fundamental accounting concepts work

• Understand revenue recognition principles and how they impact main financial statements

• Account for accounts receivables and inventories.

This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

What's inside

Syllabus

Course Orientation

You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

Module 1: Introduction to Financial Accounting

Accounting is the language of business. Managers communicate the results of operations within a firm through accounting to various financial information users including investors and creditors. In this module, you will explore various users of accounting information and the main financial statements they use to acquire accounting information. You will develop an understanding of the particular type of information provided by each financial statement and how financial statements are related to each other.

Module 2: Recording Transactions and Financial Statement Preparation

The starting point of financial statements is individual financial transactions. In this module, you will learn how to code financial transactions in accounting language and how to build main financial statements from these coded financial transactions. This bottom-up approach will help you appreciate the impact of various financial transactions on main financial statements.

Module 3: Fundamental Accounting Concepts and Revenue Recognition

Fundamental accounting concepts and revenue recognition principles are at the heart of coding financial transactions in accounting language as well as preparation of financial statements from these coded financial transactions. Real life transactions are reflected in financial statements through the lens of these concepts and principles. A good understanding of these concepts and principles will help you understand the type and the nature of information you can learn from financial statements.

Module 4: Short-Term Assets

One of the major components of a balance sheet is short-term assets, which are assets that can be converted into cash within a year. Accounts receivables and inventories constitute a major part of short-term assets. Understanding accounting for these accounts will help you uncover how these accounts change over time, their valuation, and their usefulness in managerial decision making.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Explores accounting techniques, which is standard in business

Provides a deeper understanding of financial statements

Strengthens an existing foundation for intermediate learners

Develops professional skills in accounting

Taught by Oktay Urcan, who is recognized for their work in accouting

Reviews summary

Basic accounting foundations

Learners say that Financial Accounting: Foundations is a basic overview of accounting. According to one student, the course is excellent while another says most important material is only in the textbook. No reviews mentioned assignments, quizzes, instructors, or exams.

Course covers basics only.

"The course is very basic and doesn't cover most interesting cases."

Textbook covers most material.

"The textbook isn't required but most of the material is only covered in the book."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Financial Accounting: Foundations with these activities:

Compilation of Notes and Resources

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Organizing your course materials will help you stay on top of the course content and prepare for exams.

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Gather your notes, assignments, and quizzes
Organize the materials into a logical structure
Create a summary of the key concepts and ideas from each module

Review of ACC 101 Materials

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Reviewing fundamental accounting concepts will help ensure you are prepared and ready to learn more about financial accounting.

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Review your notes and assignments from ACC 101
Take practice quizzes or exams to test your understanding
Go over the syllabus for this course and identify any areas where you may need additional review

Review of 'Financial Accounting: A User Perspective' by Weygandt, Kimmel, and Kieso

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This book provides a comprehensive overview of financial accounting and will help you reinforce concepts covered in the course.

View Financial Accounting: Tools for Business... on Amazon

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Read the assigned chapters and take notes
Complete the end-of-chapter exercises and problems
Summarize the key concepts and ideas from each chapter

Five other activities

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Study Group for Revenue Recognition

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Revenue recognition principles can be complex, discussing them with classmates will help you gain a deeper understanding.

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Form a study group with 2-3 classmates
Meet regularly to discuss the assigned readings and problems
Quiz each other on the key concepts and principles

Tutorials on Accrual Accounting

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Accrual accounting is a complex topic. These tutorials will provide you with additional support and guidance.

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Find online tutorials or videos on accrual accounting
Follow along with the tutorials and take notes
Complete any practice exercises or quizzes provided in the tutorials

Workshop on Revenue Recognition

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Attending a workshop will provide you with an opportunity to learn from experts and engage in hands-on activities.

Browse courses on Revenue Recognition

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Find a workshop on revenue recognition
Register for the workshop
Attend the workshop and participate actively

Presentation on Short-Term Assets

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Creating a presentation will help you synthesize your knowledge of short-term assets and prepare you to communicate your findings effectively.

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Gather information on short-term assets
Organize the information into a logical structure
Create visual aids to support your presentation
Practice your presentation

Project: Financial Analysis of a Company

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Applying accounting concepts to a real-world scenario will enhance your understanding and ability to apply your skills.

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Choose a company to analyze
Gather financial data from the company's financial statements
Analyze the data and identify trends and patterns
Write a report summarizing your findings and recommendations

Career center

Learners who complete Financial Accounting: Foundations will develop knowledge and skills that may be useful to these careers:

Financial Analyst

A Financial Analyst analyzes financial data to make investment recommendations. A working knowledge of accrual accounting can provide you with an edge in this role. This course teaches you how to recognize revenues and account for short-term assets, which is vital for understanding and presenting financial data.

See salaries and explore the career path for Financial Analyst

Auditor

An Auditor reviews financial records to ensure that they are accurate. This course provides you with a thorough knowledge of fundamental accounting principles, which can help you succeed as an Auditor. It will refine your understanding of debits and credits, transaction analysis, and accrual accounting.

See salaries and explore the career path for Auditor

Accountant

An Accountant prepares and maintains financial records. This course provides extensive instruction on how to code and record financial transactions in the language of accounting. Such knowledge is necessary for a career as an Accountant. The instruction is thorough and begins with a basic introduction to accounting, making this course a valuable resource.

See salaries and explore the career path for Accountant

Tax Accountant

A Tax Accountant prepares tax returns and advises clients on tax matters. This course provides a good knowledge of accrual accounting and financial statement preparation, which will help you succeed as a Tax Accountant. This course is especially relevant for those interested in the specialized field of tax accounting because of its thorough instruction on revenue recognition principles.

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Bookkeeper

A Bookkeeper records day to day financial transactions. To succeed as a Bookkeeper, it is vital to have a thorough knowledge of how to code and record financial transactions in accounting language. This course provides such instruction and will give you a solid foundation in the responsibilities of a Bookkeeper.

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Financial Manager

A Financial Manager plans and manages the financial resources of an organization. Understanding the information provided by financial statements is key for a Financial Manager. This course provides a comprehensive overview of the main financial statements and their uses. It teaches you how to read and understand the financial statements that are the tools of your trade as a Financial Manager.

See salaries and explore the career path for Financial Manager

Budget Analyst

A Budget Analyst ensures that an organization's budget is adhered to. A strong understanding of how to account for short-term assets, such as accounts receivable and inventories, is useful for a Budget Analyst. This course provides a solid foundation from which to begin developing that understanding. It can prove very beneficial in your career development as a Budget Analyst.

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Credit Analyst

A Credit Analyst evaluates the creditworthiness of potential borrowers. A thorough understanding of the information provided by financial statements is key for a Credit Analyst. This course can help in developing that understanding. It provides an overview of the main financial statements and teaches you how to read and understand the financial statements that are the tools of your trade as a Credit Analyst.

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Forensic Accountant

A Forensic Accountant investigates financial fraud. This course may be useful in your career development as a Forensic Accountant. It provides a thorough understanding of fundamental accounting principles, which can help you to uncover and interpret the financial shenanigans you will encounter in your career as a Forensic Accountant.

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Management Consultant

A Management Consultant advises organizations on how to improve their performance. An understanding of fundamental accounting concepts and revenue recognition principles can contribute to success as a Management Consultant. This course provides an overview of these concepts in an accessible way. It can provide you with a solid foundation for developing the knowledge and skills you will need as a Management Consultant.

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Chief Financial Officer

A Chief Financial Officer manages the financial resources of an organization. This course may be useful in developing your competence as a Chief Financial Officer. It provides an overview of how to account for short-term assets, such as accounts receivable and inventories. As the manager of an entire finance department, this knowledge will prove valuable to your success.

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Financial Advisor

A Financial Advisor provides financial advice to individuals and organizations. An understanding of how to prepare financial statements is key for a Financial Advisor. This course can be useful as you develop and refine your understanding. It provides a solid foundation in the basics of financial statement preparation, which is essential knowledge for a Financial Advisor.

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Investment Banker

An Investment Banker provides financial services to corporations and governments. This course may be useful as you move toward a career as an Investment Banker. It provides a basic understanding of the financial statements that are crucial to studying and recommending investment opportunities.

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Real Estate Agent

A Real Estate Agent helps clients buy and sell real estate. This course may be useful as you start or advance your career as a Real Estate Agent. It provides a basic understanding of how to account for short-term assets, which is vital for comprehending and analyzing real estate transactions.

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Loan Officer

A Loan Officer helps clients secure loans. This course may be useful as you develop your career as a Loan Officer. It provides an overview of how to assess the financial health of potential borrowers by analyzing financial statements. This knowledge will strengthen your ability to make sound lending decisions.

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