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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.

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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

Syllabus

Mod 01: Accounting Concepts (Audit this module for Free )
Mod 02: Measuring Income
Mod 03: Recording Transactions

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
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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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
Organizing and reviewing materials improves retention and provides a comprehensive study resource.
Show steps
  • 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
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
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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Show all seven activities
Create an infographic explaining accounting principles
Creating an infographic requires synthesis and simplification of complex accounting principles.
Show steps
  • 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
Creating a financial statement from scratch reinforces understanding of their structure and components.
Browse courses on Financial Statements
Show steps
  • 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
Engaging with peers facilitates knowledge sharing and deepens understanding of advanced concepts.
Show steps
  • 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
Case study competitions provide a practical application of accounting principles and enhance problem-solving abilities.
Show steps
  • 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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

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.
**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.
**This textbook provides a comprehensive overview of financial accounting.** This widely-used textbook that covers the basics of financial accounting in a clear and understandable way.
**This widely-used textbook covers both financial and managerial accounting.** If you are interested in learning about both sides of accounting, this book is recommended reading.
**provides an overview of corporate finance principles, which are closely related to accounting.** This book will be useful for those who want to gain a better understanding of the financial side of businesses.
**This textbook covers managerial accounting principles and practices.** is recommended for those who are interested in learning more about managerial accounting, which is briefly touched on in this course.
**provides a comprehensive overview of accounting information systems.** Students who are interested in accounting systems and data management may find this book useful for building foundational knowledge.
**is an introduction to the field of auditing.** Since financial accounting and auditing are closely related, this book would be useful supplemental reading for this course.
**targets non-finance managers who need to develop a better grasp of accounting and finance concepts.** While this book is written for those with little to no accounting background, it could serve as a useful introduction to the field.
**provides a comprehensive overview of accounting theory.** This book will be particularly useful for students who wish to build an in-depth understanding of accounting principles.

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