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Fundamentals of financial and management accounting

Deborah Agostino

This is an introductory course on financial and management accounting.

The first part of this course will introduce the basic accounting principles and accounting terminology to understand how a company keeps control of financial events and provides information on how it is performing. These basic concepts will support the analysis of financial reports companies prepare. We will go through balance sheet, income statement, financial statement, learning how to read and analyze them.

This is an introductory course on financial and management accounting.

The course will also provide the basis of management accounting introducing some techniques (e.g. break- even analysis or NPV) to support managers in making short-term and long-term decisions, such as "Is it convenient to dispose a production machine and buy a new one?" or "How many products should the company sell in order to break-even?"

The course will bring examples and case studies that will help students better understand the practical applications of the basic accounting principles and techniques.

At the end of the course, students will be able to read, understand and analyze financial documents and to apply simple techniques to analyse costs and evaluate capital investment decisions.

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What's inside

Syllabus

Week 1 - Introduction to accounting

Within this week we will define what is an enterprise, what is accounting and we will discuss the distinction between financial and management accounting.

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Explores various financial reporting structures under IFRS, which is an industry standard

Provides a general overview of managerial accounting techniques used by managers to make strategic business decisions

Taught by instructors who provide real-world examples and case studies for enhanced understanding

Offers opportunities for practical application through examples and case studies

May require learners to possess basic accounting knowledge as a prerequisite

Does not cover advanced financial accounting concepts or techniques, which may limit learners seeking deeper expertise

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Reviews summary

Essential accounting fundamentals for professionals

According to students, this course offers a strong foundation in financial and management accounting, proving to be a lifesaver for beginners. Learners frequently commend the clear explanations of complex topics like NPV and break-even analysis, reinforced by incredibly useful case studies and real-world examples. While most find the instructor engaging and the modules well-structured, a minority of learners felt the pace was too fast in certain sections, requiring additional self-study. There were also past concerns about quiz alignment and inactive forums, though recent reviews indicate the instructor has made notable improvements, addressing previous feedback.

Instructor is knowledgeable, passionate, and engaging.

"The instructor's passion for the subject really shone through."

"The instructor is phenomenal, simplifying complex topics without oversimplifying them."

"The content flows well and the instructor is very engaging."

Course creators actively improve content based on feedback.

"Came back to update my review after seeing recent improvements. The course material has been refined, and some of the quiz issues seem to have been addressed based on feedback."

"It's great to see an instructor respond to feedback."

"I appreciate how the course has evolved, with improvements clearly made based on past student comments."

Excellent starting point for those new to accounting.

"This course is a gem for beginners! It lays out the fundamentals of accounting and financial statements so clearly."

"As someone with no prior accounting background, this course was a lifesaver."

"Truly foundational and perfectly paced. It sets a strong stage for further learning."

Strong emphasis on real-world examples and case studies.

"The case studies were incredibly useful, making it easy to grasp the practical applications."

"The real-world examples truly enhance understanding, especially for the income statement and balance sheet sections."

"The NPV section was very practical for my role. I feel much more prepared for business discussions."

Complex accounting concepts are explained with great clarity.

"The instructor explained complex concepts like NPV and break-even analysis with such clarity."

"It demystifies accounting principles without overwhelming you."

"I previously struggled with accounting, but this course broke it down perfectly. The instructor is phenomenal, simplifying complex topics without oversimplifying them."

Suggestions for more hands-on activities and problem-solving.

"One area for improvement might be to add more interactive exercises beyond the quizzes to solidify understanding of concepts."

"I would have liked a bit more real-world complex scenarios, but for an introductory course..."

"The lectures are informative, though at times I wished for more interactive problem-solving sessions."

Delivery can be dry, demanding strong self-discipline.

"The course content is relevant, but the delivery could be more engaging. Some parts felt like a dry read-through of slides."

"I managed to get through it, but it required a lot of self-motivation. It's functional, but not inspiring."

"Make sure you have time for review and practice as it's dense, as it's not always an inspiring course."

Past concerns about quizzes not fully matching lectures.

"My only minor gripe is that sometimes the quizzes felt a bit too theoretical compared to the practical focus of the lectures."

"The quizzes seemed to test knowledge not directly covered in the lectures, which was frustrating."

"I was disappointed because the quizzes seemed to test knowledge not directly covered, but I hear this is being fixed."

Some sections move too quickly, demanding extra effort.

"I found some parts moved a bit too quickly, especially the long-term decision making week. I had to do a lot of external reading..."

"While the instructor is knowledgeable, the pace was too fast for me in several sections."

"Not sure if it's truly for 'beginners' without prior exposure, as some concepts are not explained in enough detail."

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 financial and management accounting with these activities:

Review a textbook on financial accounting

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Solidify your understanding of the fundamental concepts of financial accounting by reviewing a comprehensive textbook.

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Read the assigned chapters in the textbook.
Complete the end-of-chapter exercises and review questions.
Use the textbook as a reference to clarify any concepts that you are struggling with.

Mentor a junior student in accounting

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Share your knowledge and experience with a junior student to reinforce your own understanding of accounting principles and concepts.

Browse courses on Accounting

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Identify a junior student who is looking for a mentor.
Meet with the student regularly to discuss their coursework and provide guidance.
Review their work and offer feedback and support.

Volunteer at a non-profit organization to gain practical accounting experience

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Get hands-on experience with accounting tasks while supporting a worthy cause.

Browse courses on Accounting

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Identify a non-profit organization that needs accounting assistance.
Offer your services and agree on the scope of work.
Complete the accounting tasks as agreed upon.

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Create a compilation of resources on cost accounting

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Expand your knowledge of cost accounting by gathering and organizing a variety of resources.

Browse courses on Cost Accounting

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Search for online articles, tutorials, and videos on cost accounting.
Organize the resources into a structured format.
Share the compilation with your classmates.

Practice accounting terminology

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Reinforce your understanding of basic accounting concepts by completing practice problems and exercises.

Browse courses on Accounting Principles

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Review the course materials on accounting terminology.
Complete the practice problems provided in the textbook or online resources.
Check your answers and identify areas where you need further clarification.

Learn to read and analyze financial statements

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Develop your ability to interpret and analyze financial statements to gain insights into a company's financial performance.

Browse courses on Financial Statements

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Find online tutorials or courses on financial statement analysis.
Follow the instructions and complete the exercises provided in the tutorial.
Apply the techniques you learn to analyze the financial statements of a real-world company.

Create a financial report for a small business

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Apply your knowledge of accounting principles and financial reporting to create a comprehensive financial report for a small business.

Browse courses on Financial Reporting

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Gather the necessary financial data from the business.
Prepare the financial statements (balance sheet, income statement, cash flow statement).
Write a narrative report that summarizes the financial performance of the business.

Develop a cost analysis to support a decision-making process

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Put your understanding of cost accounting techniques to work by developing a cost analysis that supports a specific decision-making process within an organization.

Browse courses on Cost Accounting

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Identify the decision that needs to be made.
Gather the relevant cost data.
Analyze the cost data and develop recommendations.
Present your findings to stakeholders and support the decision-making process.

Career center

Learners who complete Fundamentals of financial and management accounting will develop knowledge and skills that may be useful to these careers:

Accountant

Accountants assemble and analyze financial information and prepare financial reports that summarize and present economic data. Accountants may also develop, maintain, and interpret accounting systems to promote efficient operations. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Accountants.

See salaries and explore the career path for Accountant

Auditor

Auditors examine and evaluate financial and accounting records to determine whether they are accurate, complete, and in accordance with accepted accounting standards. They also ensure that financial reports reflect the financial position and performance of the organization. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Auditors.

See salaries and explore the career path for Auditor

Bookkeeper

Bookkeepers maintain financial records, prepare financial statements, and perform other accounting tasks such as recording and reconciling transactions, preparing invoices, and calculating payroll. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Bookkeepers.

See salaries and explore the career path for Bookkeeper

Budget Analyst

Budget Analysts develop, implement, and evaluate budgets for organizations. They may also advise management on financial planning and budgeting matters. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Budget Analysts.

See salaries and explore the career path for Budget Analyst

Chief Financial Officer (CFO)

CFOs are responsible for the financial health of their organizations. They oversee financial planning, budgeting, accounting, and reporting. They also make decisions on how to allocate financial resources. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by CFOs.

See salaries and explore the career path for Chief Financial Officer (CFO)

Compliance Officer

Compliance Officers ensure that their organizations comply with applicable laws and regulations. They may also develop and implement compliance programs and policies. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Compliance Officers.

See salaries and explore the career path for Compliance Officer

Controller

Controllers oversee the accounting and financial reporting functions of their organizations. They may also develop and implement accounting policies and procedures. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Controllers.

See salaries and explore the career path for Controller

Financial Analyst

Financial Analysts evaluate and make recommendations on investments. They may also provide advice to clients on financial matters. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Financial Analysts.

See salaries and explore the career path for Financial Analyst

Financial Manager

Financial Managers oversee the financial operations of their organizations. They may also develop and implement financial policies and procedures. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Financial Managers.

See salaries and explore the career path for Financial Manager

Fraud Examiner

Fraud Examiners investigate and analyze financial transactions to detect and prevent fraud. They may also develop and implement fraud prevention programs and policies. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Fraud Examiners.

See salaries and explore the career path for Fraud Examiner

Internal Auditor

Internal Auditors evaluate the internal controls of their organizations and make recommendations for improvements. They may also provide consulting services on financial and accounting matters. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Internal Auditors.

See salaries and explore the career path for Internal Auditor

Management Accountant

Management Accountants provide financial information and analysis to help managers make informed decisions. They may also develop and implement accounting systems and procedures. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Management Accountants.

See salaries and explore the career path for Management Accountant

Tax Accountant

Tax Accountants prepare tax returns and advise clients on tax matters. They may also develop and implement tax planning strategies. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Tax Accountants.

See salaries and explore the career path for Tax Accountant

Treasury Manager

Treasury Managers oversee the cash and investments of their organizations. They may also develop and implement treasury policies and procedures. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Treasury Managers.

See salaries and explore the career path for Treasury Manager

Risk Manager

Risk Managers identify, assess, and manage risks facing their organizations. They may also develop and implement risk management plans. This course may help you build a foundation for understanding and performing these tasks. The course will introduce you to the basic accounting principles and accounting terminology that are used by Risk Managers.

See salaries and explore the career path for Risk Manager

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 Fundamentals of financial and management accounting.

Management and Cost Accounting

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Combines management accounting and cost accounting into a single volume, providing a comprehensive overview of both disciplines. It is particularly useful for students who want to understand the interrelationship between these two areas.

Fundamentals of financial and management accounting

Here's a deal for you

What's inside

Syllabus

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Reviews summary

Essential accounting fundamentals for professionals

Activities

Career center

Reading list

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