Financial Accounting from edX

Keen to learn about recording and summarising financial transactions? Want to look at financial statements and understand the numbers you are seeing? Start learning today with this Financial Accounting course, where you’ll be wowed with the comprehensive lessons taking you on a journey from double entry bookkeeping right through to preparing and interpreting a set of financial statements.

Financial Accounting is an important branch to the finance function of a business, without it the financial health and prospects of a business would not be determinable. This course delves deeper into the recording, processing, reporting and summarising of business transactions and events.

This course is especially beneficial if you want to:

Equip yourself with the knowledge to undertake a role working as a junior within a financial accounting department
Launch your own business and need an understanding of financial accounting
Prepare for the ACCA’s exam in Financial Accounting (FA)

There is no prior knowledge required. Start learning today and accelerate your business and finance acumen.

To check availability of this course in your country please click here.

Course update:

To coincide with syllabus changes coming into effect from 20th September 2023 onwards, ACCA-X will be releasing a new version of this course on 28th August 2023. This new version will include technical content and question updates relevant to the 2023/2024 syllabus.

It is therefore important to ensure you enrol onto the correct version of the course. Detailed syllabus information is available within the course and can also be found here

This course does not offer an edX certificate.

Those learners who would like to earn an award will have the opportunity to register with ACCA as a student, take computer based exams and gain the ACCA Diploma in Accounting and Business.

You can find your nearest ACCA exam centre on the ACCA website.

What's inside

Learning objectives

Context and purpose of financial reporting
Qualitative characteristics of financial information
Use of double-entry and accounting systems
How to record transactions and events

How to prepare a trial balance (including identifying and correcting errors)
How to prepare basic financial statements for incorporated and unincorporated entities
How to interpret and prepare simple consolidated financial statements

Context and purpose of financial reporting
Qualitative characteristics of financial information
Use of double-entry and accounting systems
How to record transactions and events
How to prepare a trial balance (including identifying and correcting errors)
How to prepare basic financial statements for incorporated and unincorporated entities
How to interpret and prepare simple consolidated financial statements

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops foundational accounting concepts, which is standard in industry

Covers topics relevant to the ACCA's Financial Accounting (FA) exam

Provides opportunities to practice and apply accounting principles, which builds solid skills

Teaches financial accounting, which is highly relevant to business and finance

Builds a strong foundation for beginners and intermediate learners

Requires no prior knowledge, making it accessible to a wider audience

Reviews summary

Accounting basics

Learners say this Financial Accounting course is a fast-paced way to learn accounting basics.

Course moves quickly.

"i wont learn with no absence to countoues my couresto fastes course"

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 with these activities:

Attend Industry Events and Connect with Professionals

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Expand your professional network and gain valuable insights by attending industry events and connecting with finance professionals.

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Research upcoming industry events and conferences
Prepare an elevator pitch to introduce yourself
Attend the events and actively engage with attendees
Follow up with potential connections after the event

Read 'Financial Accounting Theory and Practice' by Dennis R. Beresford

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This book covers the fundamental concepts of financial accounting, providing a solid foundation for understanding the course material.

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Read Chapter 1: Introduction to Financial Accounting
Take notes on the key concepts and definitions
Complete the end-of-chapter exercises

Practice Recording Transactions Using Double-Entry Accounting

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Reinforce your understanding of double-entry accounting by practicing recording various types of transactions.

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Set up a simple accounting system with T-accounts
Record at least 10 different transactions
Check the accuracy of your entries by balancing the T-accounts

Five other activities

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Watch Video Tutorials on Preparing Financial Statements

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Supplement the course material by watching video tutorials that provide clear explanations and demonstrations of financial statement preparation.

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Search for reputable sources of video tutorials
Watch tutorials on the preparation of different financial statements
Take notes or create summaries to enhance retention

Develop a Case Study Analysis on a Real-World Financial Statement

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Deepen your understanding of financial statement interpretation by analyzing a real-world financial statement and identifying key insights.

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Choose a company and obtain its financial statements
Analyze the financial statements using relevant ratios and metrics
Identify strengths, weaknesses, opportunities, and threats
Prepare a written or presentation to summarize your findings

Participate in Accounting or Business Case Competitions

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Challenge yourself and enhance your problem-solving and presentation skills by participating in accounting or business case competitions.

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Research and identify suitable competitions
Form a team or participate individually
Analyze the case study and prepare a solution
Present your solution to a panel of judges

Create a Comprehensive Study Guide

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Enhance your revision process by compiling a study guide that summarizes the key concepts and topics covered in the course.

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Review your course notes and materials
Identify important concepts and topics
Summarize each concept in a clear and concise manner
Organize the study guide in a logical order

Participate in a Financial Modeling Project

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Apply your knowledge in a practical setting by participating in a financial modeling project that simulates real-world financial scenarios.

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Identify a suitable project or join a team working on one
Develop a financial model using appropriate software
Analyze the model's output and make recommendations
Present your findings and insights

Career center

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

Financial Analyst

A Financial Analyst is responsible for analyzing and interpreting financial data to make investment recommendations. This course provides a foundation in financial accounting principles and practices, which can be helpful for Financial Analysts. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

See salaries and explore the career path for Financial Analyst

Investment Banker

An Investment Banker is responsible for advising companies on mergers, acquisitions, and other financial transactions. This course provides a foundation in financial accounting principles and practices, which can be helpful for Investment Bankers. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

See salaries and explore the career path for Investment Banker

Auditor

An Auditor is responsible for examining and evaluating the financial records of a company to ensure that they are accurate and compliant with regulations. This course provides a foundation in financial accounting principles and practices, which can be helpful for Auditors. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Tax Accountant

A Tax Accountant is responsible for preparing tax returns and advising clients on tax matters. This course provides a foundation in financial accounting principles and practices, which can be helpful for Tax Accountants. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Budget Analyst

A Budget Analyst is responsible for developing and managing budgets for a company, government agency, or other organization. This course provides a foundation in financial accounting principles and practices, which can be helpful for Budget Analysts. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Forensic Accountant

A Forensic Accountant is responsible for investigating financial crimes, such as fraud and embezzlement. This course provides a foundation in financial accounting principles and practices, which can be helpful for Forensic Accountants. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Management Accountant

A Management Accountant is responsible for providing financial information to managers within a company. This course provides a foundation in financial accounting principles and practices, which can be helpful for Management Accountants. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Financial Manager

A Financial Manager is responsible for overseeing the financial operations of a company. This course provides a foundation in financial accounting principles and practices, which can be helpful for Financial Managers. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Personal Financial Advisor

A Personal Financial Advisor is responsible for providing financial advice to individuals. This course provides a foundation in financial accounting principles and practices, which can be helpful for Personal Financial Advisors. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Treasury Analyst

A Treasury Analyst is responsible for managing the financial risks of a company. This course provides a foundation in financial accounting principles and practices, which can be helpful for Treasury Analysts. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Accounting Clerk

An Accounting Clerk is responsible for preparing and maintaining financial records for a company. They may also be responsible for preparing tax returns and other financial reports. This course provides a foundation in financial accounting principles and practices, which can be helpful for Accounting Clerks. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Staff Accountant

A Staff Accountant is responsible for performing a variety of accounting tasks, such as recording transactions, preparing financial statements, and auditing financial records. This course provides a foundation in financial accounting principles and practices, which can be helpful for Staff Accountants. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Government Accountant

A Government Accountant is responsible for managing the financial operations of a government agency. This course provides a foundation in financial accounting principles and practices, which can be helpful for Government Accountants. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Certified Public Accountant

A Certified Public Accountant (CPA) is a licensed accountant who has passed the CPA exam and met other requirements. CPAs are responsible for providing a variety of accounting services, including auditing, tax preparation, and financial planning. This course provides a foundation in financial accounting principles and practices, which can be helpful for CPAs. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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Nonprofit Accountant

A Nonprofit Accountant is responsible for managing the financial operations of a nonprofit organization. This course provides a foundation in financial accounting principles and practices, which can be helpful for Nonprofit Accountants. The course covers topics such as double-entry bookkeeping, preparing financial statements, and interpreting financial information.

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