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Accounting System Structure and Information Management

Jack Farmer

4.5

Based on 42 ratings

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Jack Farmer

This course begins with an introduction to financial accounting and explains how accounting information assists in making decisions. We’ll look at the components of the balance sheet and analyze the effect of transactions on the balance sheet equation. We’ll review the different types of ownership and compare the features of sole proprietorships, partnerships, and corporations.

We’ll then proceed to learn how accountants measure income and explore the concepts of revenue recognition and matching. We’ll look into the relationship between the balance sheet and income statement and cover the statement of retained earnings and earnings per share.

We’ll wrap up this course with a look at the double-entry system and recording process and learn how to prepare and use a trial balance.

This course is part 1 of the New York Institute of Finance’s Financial Accounting Professional Certificate.

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What's inside

Learning objectives

Accounting concepts
Measuring income

Recording transactions

Accounting concepts
Measuring income
Recording transactions

Syllabus

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Provides foundation in financial accounting for beginners

Teaches core accounting concepts, making it relevant in industry

Covers basic financial accounting topics thoroughly

Taught by recognized expert Jack Farmer

Taught by instructors from the New York Institute of Finance

Covers accounting concepts based on a balance sheet equation

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Reviews summary

Foundational accounting concepts and system basics

According to learners, this course provides a solid foundation in accounting principles and information management. Many highlight the clear explanations, especially for complex topics like the double-entry system and revenue recognition. It is frequently praised as excellent for beginners, offering a logical progression through core concepts. While some found the content a bit basic for their prior knowledge or wished for more practical exercises, the course is widely regarded as setting a strong groundwork for further study, particularly as Part 1 of the Financial Accounting Professional Certificate.

Divergent opinions on initial knowledge required.

"I found some material a bit too basic given my prior knowledge."

"I struggled with this course as it felt rushed in parts and assumed too much prior knowledge for a beginner."

"For someone new, I felt certain sections moved too quickly or lacked the detailed explanation needed."

Instructor effectively clarifies complex accounting topics.

"The instructor explained complex topics clearly, which was incredibly helpful."

"I appreciate how NYIF simplifies difficult accounting concepts."

"The modules on revenue recognition and matching were particularly helpful for my work, thanks to clear delivery."

Offers a gentle entry into financial accounting.

"This course is great for absolute beginners."

"I would highly recommend this course for anyone starting in accounting."

"The logical progression made complex concepts like recording transactions easy to follow."

Excellent for grasping core accounting concepts.

"This course provided an incredibly solid foundation in accounting concepts."

"I found the explanations of the balance sheet and income statement very clear."

"The course excels at simplifying difficult concepts for understanding fundamentals."

Good theoretical overview, but could use more hands-on.

"I wished there were more practical exercises beyond just theory; some parts felt a bit dry."

"While it's a decent overview, I felt a need to supplement with other resources for practical application."

"I found some explanations too brief, often having to look up terms online to fully grasp them."

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 Accounting System Structure and Information Management with these activities:

Organize and review course materials

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Organizing and reviewing materials improves retention and provides a comprehensive study resource.

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Gather all course materials including notes, assignments, and presentations.
Create a filing system or digital repository to organize the materials.
Review the materials regularly to reinforce understanding.
Identify any areas where further clarification is needed.
Seek support from peers or instructors if necessary.

Review financial accounting basics

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Reviewing these prior basics will strengthen foundational concepts and improve learning outcomes in this course.

Browse courses on Accounting Fundamentals

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Solve practice problems on accounting equations

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Solving these equations will enhance understanding and improve equation manipulation skills.

Browse courses on Financial Statements

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Identify the given variables in the equation.
Substitute the known values into the equation.
Solve for the unknown variable using algebraic operations.
Check your answer by plugging it back into the original equation.

Four other activities

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Create an infographic explaining accounting principles

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Creating an infographic requires synthesis and simplification of complex accounting principles.

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Identify a specific accounting principle or concept to explain.
Research and gather relevant information and examples.
Design a visually appealing infographic using appropriate graphics and text.
Proofread and refine the infographic to ensure clarity and accuracy.
Share the infographic with peers or on social media.

Design a financial statement for a hypothetical company

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Creating a financial statement from scratch reinforces understanding of their structure and components.

Browse courses on Financial Statements

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Define the purpose and audience for the financial statement.
Gather relevant financial data about the hypothetical company.
Choose an appropriate financial statement format and template.
Populate the financial statement with accurate data and calculations.
Review and proofread the financial statement for errors and omissions.

Discuss complex accounting concepts with peers

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Engaging with peers facilitates knowledge sharing and deepens understanding of advanced concepts.

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Identify a specific accounting concept to discuss.
Form a study group or join an online discussion forum.
Prepare talking points and examples to share with the group.
Actively participate in the discussion, asking questions and sharing insights.
Summarize key takeaways and reflect on how the discussion enhanced your understanding.

Participate in an accounting case study competition

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Case study competitions provide a practical application of accounting principles and enhance problem-solving abilities.

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Identify and register for a relevant accounting case study competition.
Form a team or work individually to analyze the case study materials.
Develop a solution and prepare a presentation or report.
Present or submit your solution to the competition organizers.
Reflect on the experience and identify areas for improvement.

Career center

Learners who complete Accounting System Structure and Information Management will develop knowledge and skills that may be useful to these careers:

Accountant

An Accountant manages, interprets, and analyzes financial data to ensure its accuracy. This course may be useful for those seeking to advance into or enter this role, as it can help build foundational knowledge through its introduction to financial accounting concepts, types of financial reporting, and basic recording practices.

See salaries and explore the career path for Accountant

Auditor

An Auditor examines and verifies financial records, typically working for an accounting firm, to ensure accuracy and compliance with regulations. This course may be useful for those seeking entry into this role as it provides an introduction to financial accounting, including topics such as ownership types, measuring income, and recording transactions.

See salaries and explore the career path for Auditor

Financial Analyst

A Financial Analyst studies financial data to advise organizations in making investment decisions. This course may be helpful for those entering or in this role, as it provides an introduction to the basic principles of financial accounting, income measurement, and recording transactions, which can be foundational knowledge for understanding financial data.

See salaries and explore the career path for Financial Analyst

Financial Manager

A Financial Manager is responsible for overseeing the financial activities of organizations, which includes planning, directing, and controlling financial operations. This course may be useful to those seeking this role, as it provides an overview of financial accounting principles and introduces the fundamentals of income measurement and transaction recording.

See salaries and explore the career path for Financial Manager

Financial Planner

A Financial Planner assists individuals and families in managing their finances and planning for the future. This course may be useful to those seeking to enter or advance in this position, as it provides an introduction to financial accounting concepts and income measurement, which can be foundational knowledge for financial planning.

See salaries and explore the career path for Financial Planner

Financial Risk Manager

A Financial Risk Manager assesses and manages financial risks for an organization. This course may be useful for those seeking this role, as it provides an introduction to financial accounting principles, including recording transactions, income measurement, and balance sheets, which are key areas of financial risk management.

See salaries and explore the career path for Financial Risk Manager

Credit Analyst

A Credit Analyst assesses the creditworthiness of borrowers and makes recommendations on lending decisions. This course may be helpful for those seeking to enter or advance in this position, as it provides an introduction to financial accounting and income measurement, which are fundamental concepts for credit analysis.

See salaries and explore the career path for Credit Analyst

Tax Accountant

A Tax Accountant prepares and files tax returns and advises individuals and organizations on tax laws. This course can be useful for those entering or in this position, as it provides a foundation in accountancy principles, including income measurement and preparing financial statements, which are used in tax accounting.

See salaries and explore the career path for Tax Accountant

Budget Analyst

A Budget Analyst provides financial analysis to support organizations in allocating their funds effectively. This course may be useful for those seeking to enter or advance in this position, as it provides an introduction to financial accounting, income measurement, and recording transactions, which are foundational concepts for budgeting.

See salaries and explore the career path for Budget Analyst

Cost Accountant

A Cost Accountant analyzes and reports on the costs incurred by an organization. This course may be useful for those interested in or in this role, as it can provide foundational knowledge of financial accounting, balance sheets, income measurement, and transaction recording, which are relevant to cost accounting.

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Internal Auditor

An Internal Auditor evaluates and reports on the internal controls and financial statements of an organization. This course may be useful for those entering or seeking to advance in this role, as it provides a basic understanding of financial accounting, including balance sheets, income statements, and recording transactions, which are key concepts for internal auditing.

See salaries and explore the career path for Internal Auditor

Forensic Accountant

A Forensic Accountant investigates financial data to uncover fraud and other financial crimes. This course may be helpful to those seeking to enter or advance in this field, as it can provide foundational knowledge of accounting concepts, including balance sheets, income statements, and transaction recording, which are essential for forensic accounting.

See salaries and explore the career path for Forensic Accountant

Management Consultant

A Management Consultant analyzes and evaluates business practices and recommends solutions for organizational improvement. This course may be helpful as it can provide a basic understanding of financial accounting, including foundational knowledge of balance sheets, income statements, and the recording of transactions, which can be useful for analyzing and advising on business processes.

See salaries and explore the career path for Management Consultant

Fundraiser

A Fundraiser secures financial support for organizations, often through donations and grants. This course may be useful to those entering or in this field, as it provides a basic understanding of financial concepts including balance sheets, income statements, and recording transactions, which are important for managing funds.

See salaries and explore the career path for Fundraiser

Business Analyst

A Business Analyst analyzes and evaluates business processes and makes recommendations for improvement. This course may be useful for those seeking to enter or advance in this field, as it provides a basic introduction to financial concepts such as balance sheets, income statements, and recording transactions, which can be relevant for business analysis.

See salaries and explore the career path for Business Analyst

Reading list

We've selected 12 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Accounting System Structure and Information Management.

Accounting

Save

**Provides an overview of accounting principles in practice** A classic accounting textbook used at many academic institutions, this book covers the full range of financial accounting from basic to advanced concepts.

Financial Accounting: Tools for Business Decision...

Accounting: Tools for Business Decision Making

Loose Leaf

Accounting Principles

Hardcover

$$$

Managerial Accounting: Tools for Business Decision...

Kindle Edition

$$$$

Financial Accounting: Tools for Business Decision...

Hardcover

Accounting Principles

Loose Leaf

$$$

Financial and Managerial Accounting

Loose Leaf

$$$

Financial Accounting - Standalone book

Hardcover

Managerial Accounting: Tools for Business Decision...

Hardcover

$$$

Principles of Accounting

Save

**A widely-adopted textbook covering the fundamental principles of accounting.** would be particularly useful to someone who is new to accounting who wants to build a strong foundation for further study.

Accounting System Structure and Information Management

What's inside

Learning objectives

Syllabus

Traffic lights

Save this course

Reviews summary

Foundational accounting concepts and system basics

Activities

Career center

Reading list

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