In this course, you will learn foundations of financial accounting information. You will start your journey with a general overview of what financial accounting information is and the main financial statements. You will then learn how to code financial transactions in financial accounting language. In the meantime, you will learn about the most important concept in contemporary financial accounting: accrual accounting. You will then critically analyze how firms recognize revenues. Finally, you will finish the course with an analysis of accounting for short-term assets where you will go into detail on how firms account for accounts receivables and inventories.
Offered By
About this Course
Skills you will gain
- Financial Accounting
- Accounting
- Accrual
- Financial Statement
Offered by
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Start working towards your Master's degree
Syllabus - What you will learn from this course
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.
Module 1: Introduction to Financial Accounting
Accounting is the language of business. Managers communicate the results of operations within a firm through accounting to various financial information users including investors and creditors. In this module, you will explore various users of accounting information and the main financial statements they use to acquire accounting information. You will develop an understanding of the particular type of information provided by each financial statement and how financial statements are related to each other.
Module 2: Recording Transactions and Financial Statement Preparation
The starting point of financial statements is individual financial transactions. In this module, you will learn how to code financial transactions in accounting language and how to build main financial statements from these coded financial transactions. This bottom-up approach will help you appreciate the impact of various financial transactions on main financial statements.
Module 3: Fundamental Accounting Concepts and Revenue Recognition
Fundamental accounting concepts and revenue recognition principles are at the heart of coding financial transactions in accounting language as well as preparation of financial statements from these coded financial transactions. Real life transactions are reflected in financial statements through the lens of these concepts and principles. A good understanding of these concepts and principles will help you understand the type and the nature of information you can learn from financial statements.
Module 4: Short-Term Assets
One of the major components of a balance sheet is short-term assets, which are assets that can be converted into cash within a year. Accounts receivables and inventories constitute a major part of short-term assets. Understanding accounting for these accounts will help you uncover how these accounts change over time, their valuation, and their usefulness in managerial decision making.
Reviews
- 5 stars78.76%
- 4 stars17.54%
- 3 stars2.37%
- 2 stars0.70%
- 1 star0.61%
TOP REVIEWS FROM FINANCIAL ACCOUNTING: FOUNDATIONS
Thanks again Coursera for this course. I have learned a lot. Thanks to the Professor. But can you send me a Certificate of Completion as proof that I am done with this course. Thank you.
The course is a very good course. The only suggestion is to find help for the instructor to edit his English, some statement in the cc or course audio to words are incorrect.
It could be easier for students to have acces to a link with the support material (laws, USGAAP/IFRS, text books) in each video in order to verify and save the documentary support of the class
i really admire the way the topics are coverd and well explained with helping exercises ,i am glade i take time in this course much interest for more advanced courses with oktay
Frequently Asked Questions
When will I have access to the lectures and assignments?
What will I get if I subscribe to this Specialization?
Is financial aid available?
More questions? Visit the Learner Help Center.