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Fundamentals of Accounting Capstone

**You should complete all other courses in the Fundamentals of Accounting Specialization before beginning this course.**

The capstone project will be set in the context of a realistic small-business enterprise, and will require you to think deeply and apply the accounting concepts presented in the other courses in the Fundamentals of Accounting. While navigating the daily operations of the business, you will have an opportunity to consider the accounting implications of the economic events encountered, as well as how these economic events should be communicated to decision makers.

If you enjoy this business course and are interested in an MBA, consider applying to the iMBA, a flexible, fully-accredited online MBA at an incredibly competitive price offered by the University of Illinois. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

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What's inside

Syllabus

Fundamentals of Accounting Capstone Introduction

You will get an introduction to the Capstone project and your instructor.

Milestone 1: Business Description

Choose your business!

Milestone 2: Expenses and Selling Price

What are the costs associated with your business and how much will you charge for your product or service? In the case of a not-for-profit organization, how much money will the business need to collect from donations or other funding sources?

Milestone 3: Assets

What assets do you need to run your business and how will you pay for these assets?

Milestone 4: Budgeted Income Statement and Analyses

Evaluate your progress in developing your business.

Milestone 5: Internal Decision Making

How will you use the information that you have gathered and analyzed thus far to make decisions?

Milestone 6: Pro-forma Financial Statements and External Decision Making

What does the financial future of your business look like?

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops fundamental accounting skills, including budgeting, income statements, and decision making, which are essential for business professionals

Taught by Sharon P. Cox, Ph.D., a respected accounting expert

Requires completion of other courses in the same specialization, suggesting a structured and comprehensive learning path

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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 Fundamentals of Accounting Capstone with these activities:

Review accounting principles and concepts

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Review the foundational principles and concepts of accounting to ensure a strong understanding before starting the course.

Browse courses on Accounting Principles

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Review introductory accounting textbooks or online resources.
Complete practice problems and exercises to reinforce understanding.

Review the textbook 'Financial Accounting: Theory and Practice'

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Gain a deeper understanding of the theoretical and practical aspects of financial accounting.

View Accounting Principles on Amazon

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Read each chapter thoroughly and take notes.
Complete the end-of-chapter exercises to test your understanding.
Summarize the key concepts and theories in your own words.

Follow online tutorials on accounting software

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Become familiar with industry-standard accounting software to enhance practical skills.

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Identify a reputable online course or tutorial platform.
Choose tutorials that align with the specific software you plan to use.
Follow the tutorials step-by-step and complete any practice exercises.

Four other activities

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Solve accounting practice problems and case studies

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Reinforce your understanding and problem-solving skills by working through various accounting scenarios.

Browse courses on Case Studies

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Find a collection of practice problems or case studies online or in textbooks.
Attempt to solve the problems on your own.
Check your answers against the provided solutions.

Create an accounting glossary

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Develop a comprehensive glossary of accounting terms to improve vocabulary and understanding.

Browse courses on Accounting Terminology

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Compile a list of key accounting terms and their definitions.
Organize the terms alphabetically or by category.
Write clear and concise definitions for each term.

Participate in peer study groups or online forums

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Engage with peers to discuss concepts, exchange perspectives, and clarify any misunderstandings.

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Identify or join a study group or online forum dedicated to accounting.
Participate actively in discussions and ask questions for clarification.
Share your knowledge and insights with others.

Start a small-scale accounting project

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Apply accounting principles and techniques in a real-world context to enhance practical skills and decision-making abilities.

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Identify a small business or organization that needs accounting assistance.
Offer your accounting services on a pro bono or low-cost basis.
Work with the business to gather financial data and perform accounting tasks.
Produce financial statements and provide accounting advice.

Career center

Learners who complete Fundamentals of Accounting Capstone will develop knowledge and skills that may be useful to these careers:

Financial Analyst

Financial Analysts analyze and interpret financial data to make investment recommendations. The Fundamentals of Accounting Capstone course provides a solid foundation in accounting principles and practices, which is essential for success in this role. The course covers topics such as financial statement analysis, valuation, and portfolio management, which are all critical skills for Financial Analysts.

See salaries and explore the career path for Financial Analyst

Auditor

Auditors examine and evaluate financial records to ensure accuracy and compliance with regulations. The Fundamentals of Accounting Capstone course provides a comprehensive overview of accounting principles and practices, which is essential for success in this role. The course covers topics such as financial statement analysis, internal controls, and auditing procedures, which are all critical skills for Auditors.

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Accountant

Accountants prepare, analyze, and interpret financial data to help organizations make informed decisions. The Fundamentals of Accounting Capstone course provides a solid foundation in accounting principles and practices, which is essential for success in this role. The course covers topics such as financial statement analysis, budgeting, and internal controls, which are all critical skills for Accountants.

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Management Consultant

Management Consultants advise organizations on how to improve their operations and achieve their goals. The Fundamentals of Accounting Capstone course provides a strong foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as financial statement analysis, budgeting, and strategic planning, which are all critical skills for Management Consultants.

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Tax Accountant

Tax Accountants prepare and file tax returns for individuals and businesses. The Fundamentals of Accounting Capstone course provides a comprehensive overview of tax laws and regulations, which is essential for success in this role. The course covers topics such as individual taxation, business taxation, and tax planning, which are all critical skills for Tax Accountants.

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Cost Accountant

Cost Accountants analyze and report on the costs of a company's products or services. The Fundamentals of Accounting Capstone course provides a solid foundation in accounting principles and practices, which is essential for success in this role. The course covers topics such as cost accounting, budgeting, and variance analysis, which are all critical skills for Cost Accountants.

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Budget Analyst

Budget Analysts prepare and manage budgets for organizations. The Fundamentals of Accounting Capstone course provides a strong foundation in financial planning and analysis, which is essential for success in this role. The course covers topics such as budgeting, forecasting, and financial statement analysis, which are all critical skills for Budget Analysts.

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Forensic Accountant

Forensic Accountants investigate financial fraud and other financial crimes. The Fundamentals of Accounting Capstone course provides a solid foundation in accounting principles and practices, which is essential for success in this role. The course covers topics such as financial statement analysis, internal controls, and fraud detection, which are all critical skills for Forensic Accountants.

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Private Equity Analyst

Private Equity Analysts evaluate and invest in private companies. The Fundamentals of Accounting Capstone course provides a solid foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as financial statement analysis, valuation, and private equity investing, which are all critical skills for Private Equity Analysts.

See salaries and explore the career path for Private Equity Analyst

Actuary

Actuaries analyze and manage financial risks for insurance companies and other financial institutions. The Fundamentals of Accounting Capstone course provides a strong foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as risk assessment, insurance policy analysis, and financial statement analysis, which are all critical skills for Actuaries.

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Investment Banker

Investment Bankers help companies raise capital and make acquisitions. The Fundamentals of Accounting Capstone course provides a solid foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as financial statement analysis, valuation, and mergers and acquisitions, which are all critical skills for Investment Bankers.

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Financial Planner

Financial Planners help individuals and families plan for their financial future. The Fundamentals of Accounting Capstone course provides a strong foundation in financial planning and analysis, which is essential for success in this role. The course covers topics such as retirement planning, investment planning, and estate planning, which are all critical skills for Financial Planners.

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Venture Capitalist

Venture Capitalists invest in early-stage companies with high growth potential. The Fundamentals of Accounting Capstone course provides a solid foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as financial statement analysis, valuation, and venture capital investing, which are all critical skills for Venture Capitalists.

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Insurance Underwriter

Insurance Underwriters evaluate and approve insurance applications. The Fundamentals of Accounting Capstone course provides a solid foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as risk assessment, insurance policy analysis, and financial statement analysis, which are all critical skills for Insurance Underwriters.

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Loan Officer

Loan Officers evaluate and approve loan applications. The Fundamentals of Accounting Capstone course provides a solid foundation in financial analysis and decision-making, which is essential for success in this role. The course covers topics such as credit analysis, loan underwriting, and financial statement analysis, which are all critical skills for Loan Officers.

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Reading list

We've selected 11 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 Fundamentals of Accounting Capstone.