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Financial Accounting

Advanced Topics

Oktay Urcan

4.7

Based on 1,696 ratings

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Oktay Urcan

In this course, you will explore advanced topics in financial accounting. You will start your journey with accounting for assets with more than one-year life. You will learn in detail how firms account for fixed assets. You will then move to financing of assets and discuss accounting for liabilities. The course will continue with an in-depth exploration of shareholders’ equity. Finally, you will critically evaluate preparation, components, and analysis of cash flows statement.

Upon successful completion of this course, you will be able to:

• Account for fixed assets

Upon successful completion of this course, you will be able to:

• Account for fixed assets

• Understand accounting for liabilities

• Evaluate shareholders’ equity section of a balance sheet

• Understand preparation and information provided by cash flows statement

This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

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What's inside

Syllabus

Course Orientation

You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

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Develops topics fundamental to understanding financial accounting

Covers advanced financial accounting topics

Examines accounting for long-term assets, liabilities, shareholders' equity, and cash flows

Offered by the University of Illinois, an accredited institution

May require learners to have a foundation in basic accounting principles

Part of the iMBA program, which is a comprehensive online MBA

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Reviews summary

Deep dive into advanced financial accounting

According to learners, this course offers a comprehensive deep dive into advanced financial accounting topics, making it highly suitable for career-focused professionals and MBA students. Students consistently praise its logical structure, particularly noting the insightful coverage of Long-Term Assets, Liabilities, Shareholders' Equity, and especially the detailed segment on Cash Flows Statements. While generally perceived as demanding but rewarding, a few learners noted that the course assumes a strong foundation in accounting and might require supplementary reading for some to fully grasp the nuances. Overall, it's considered a solid and valuable offering for those seeking an in-depth understanding.

Balances theoretical depth with valuable practical application examples.

"As an MBA student, I found the practical application examples very helpful."

"I appreciate the focus on evaluation of financial statements, which makes the learning applicable."

"It's a good theoretical course but could use more practical exercises."

A rigorous course suitable for those with a solid accounting background.

"As an MBA student, I found the practical application examples very helpful. Highly recommend for anyone serious about financial accounting."

"It definitely builds on prior knowledge, so ensure you have a solid foundation."

"It is quite demanding but very rewarding. This course definitely stands alone as a comprehensive guide."

"I found some explanations quite dense, and it felt like it assumed a very high level of prior knowledge."

"It's challenging but fair. Some topics could benefit from more interactive examples, but the core content is strong."

Provides a logical and in-depth exploration of advanced accounting.

"This course really delivers on its promise of advanced topics. The modules on Long-Term Assets and Cash Flows Statement were particularly insightful..."

"Good coverage of Liabilities and Shareholders' Equity. The instructor explains concepts clearly..."

"Excellent course! The section on fixed assets accounting was incredibly thorough, going beyond basic principles. The material on cash flow analysis was also very strong."

"The content is comprehensive, no doubt, covering all the advertised topics like long-term assets and liabilities."

"A very well-structured course tackling advanced financial accounting concepts. The approach to cash flow statements was especially clear."

May require prior foundational knowledge or supplementary resources.

"It definitely builds on prior knowledge, so ensure you have a solid foundation."

"I found some explanations quite dense, and it felt like it assumed a very high level of prior knowledge. I had to do a lot of supplementary reading to keep up..."

"Definitely for those who have a good grasp of introductory accounting."

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: Advanced Topics with these activities:

Organize and Review Course Materials

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Organize and review course materials to enhance understanding and retention.

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Gather lecture notes, assignments, and other course materials.
Create a system for organizing the materials, such as using folders or a digital note-taking app.
Review the materials periodically to reinforce learning.

Review Basic Accounting Concepts

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Revisit basic accounting concepts to strengthen the foundation for advanced financial accounting topics.

Browse courses on Accounting Concepts

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Review textbooks or online resources on basic accounting principles.
Complete practice exercises or quizzes to test understanding.
Attend a refresher workshop or webinar on basic accounting.

Review 'Intermediate Accounting' by Kieso, Weygandt, and Warfield

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Gain a deeper understanding of advanced accounting topics by reviewing a comprehensive textbook.

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Read chapters relevant to the course material.
Take notes and highlight important concepts.
Complete end-of-chapter exercises and review questions.

Three other activities

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Liabilities Accounting Presentation

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Develop a comprehensive presentation to demonstrate an understanding of liabilities accounting and its implications.

Browse courses on Liabilities

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Research and gather information on liabilities accounting.
Create a presentation outline covering key concepts and examples.
Develop visuals and supporting materials to enhance the presentation.
Present the liabilities accounting presentation to peers or a small group.

Cash Flow Statement Analysis Tutorials

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Follow guided tutorials to enhance the understanding of cash flow statement analysis and its significance.

Browse courses on Cash Flow Statement

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Identify reputable online tutorials on cash flow statement analysis.
Follow the tutorials and complete the exercises.
Apply the learned techniques to analyze case studies or real-world examples.

Shareholders' Equity Analysis Blog Post

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Create a blog post that analyzes shareholders' equity and its implications for a company's financial health.

Browse courses on Shareholders' Equity

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Research and gather data on shareholders' equity for a specific company.
Analyze the data and identify key trends and patterns.
Write a blog post presenting the analysis and providing insights.

Career center

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

Auditor

An Auditor may be responsible for examining an organization's financial statements, including assets, liabilities, and cash flows, and determining whether they accurately reflect the organization's financial position. This course provides a foundation in accounting for all three. Additionally, this course can help prepare you for the CPA exam, a common certification for Auditors.

See salaries and explore the career path for Auditor

Accountant

An Accountant may be responsible for ensuring that all financial transactions are recorded accurately, including assets, liabilities, and cash flows. Understanding how to account for these items is vital for an Accountant, which this course provides training in.

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Chief Financial Officer (CFO)

A Chief Financial Officer (CFO) may be responsible for overseeing all financial aspects of a company, including assets, liabilities, and cash flows.

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Controller

A Controller may be responsible for managing the accounting and financial reporting of a company, which includes assets, liabilities, and cash flows.

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Corporate Treasurer

A Corporate Treasurer may be responsible for managing the financial resources of a company, including assets, liabilities, and cash flows.

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Financial Analyst

A Financial Analyst may be responsible for conducting financial analysis on a company's assets, liabilities, and cash flow. This course builds a foundation in accounting for assets, liabilities, and cash flows, which are crucial to this role.

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Financial Manager

A Financial Manager may be responsible for overseeing the financial operations of a company, including assets, liabilities, and cash flows.

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Investment Banker

An Investment Banker may be responsible for advising companies on financial matters, including how to manage assets and liabilities.

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Quantitative Analyst

A Quantitative Analyst may be responsible for using mathematical and statistical models to analyze financial data, which may involve assets, liabilities, and cash flows.

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Tax Accountant

A Tax Accountant may be responsible for calculating and filing taxes for individuals or businesses. Understanding how to account for assets, liabilities, and cash flows can be very helpful in this role.

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Actuary

An Actuary may be responsible for assessing and managing financial risks, especially in the insurance industry, which may involve assets, liabilities, and cash flows.

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Financial Advisor

A Financial Advisor may be responsible for providing financial advice to individuals and businesses, including how to manage assets and liabilities.

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Risk Manager

A Risk Manager may be responsible for identifying and managing financial risks, which may involve assets, liabilities, and cash flows

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Budget Analyst

A Budget Analyst may be responsible for creating and maintaining budgets, which involve understanding cash flows and having an eye for assets and liabilities.

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Commercial Banker

A Commercial Banker may be responsible for providing financial services to businesses, including lending money, which requires an understanding of assets, liabilities, and cash flows.

See salaries and explore the career path for Commercial Banker

Featured in The Course Notes

This course is mentioned in our blog, The Course Notes. Read one article that features Financial Accounting: Advanced Topics:

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Reading list

We've selected 32 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 Financial Accounting: Advanced Topics.

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Provides an in-depth look at advanced accounting topics, including the preparation and analysis of financial statements. It would be a valuable reference for students who want to delve deeper into the material covered in this course.

Financial Accounting

Advanced Topics

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What's inside

Syllabus

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Reviews summary

Deep dive into advanced financial accounting

Activities

Career center

Featured in The Course Notes

Reading list

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