We may earn an affiliate commission when you visit our partners.

Accounting System Structure and Information Management

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.

Free Preview! Access Module 1 for free. For full course access, upgrade to a verified certificate.

Enroll now

What's inside

Learning objectives

Accounting concepts
Measuring income

Recording transactions

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

Save this course

Save Accounting System Structure and Information Management to your list so you can find it easily later:

Save

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

Show steps

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

Show steps

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

Browse courses on Accounting Fundamentals

Show steps

Solve practice problems on accounting equations

Show steps

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

Browse courses on Financial Statements

Show steps

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

Expand to see all activities and additional details

Show all seven activities

Create an infographic explaining accounting principles

Show steps

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

Show steps

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

Show steps

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

Show steps

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.

See salaries and explore the career path for Internal Auditor

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 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 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

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

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

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

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

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

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

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.

See salaries and explore the career path for Cost Accountant

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

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

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

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

Good to know

Save this course

Activities

Career center

Reading list

Share

Similar courses