What is financial accounting, and why is it important?

Financial accounting is the process of recording, categorizing, and reporting the transactions of a business. In contrast to other fields in accounting such as personal accounting or managerial accounting, financial accounting is specifically concerned with the preparation of financial statements for public use as required by banks, government regulators, shareholders, and other stakeholders. These statements typically include a company’s income statement (also known as a profit and loss or P&L statement), balance sheet, and statement of cash flows. Accurate financial accounting plays a critically important role in financial management, as these statements collectively provide an agreed-upon framework for both internal and external parties to evaluate the financial health of a company. As such, professionals in this field must have a rigorous understanding of accounting terminology and concepts as established in the Generally Accepting Accounting Principles (GAAP) that are standard in the U.S. - and potentially the International Financial Reporting Standards (IFRS), which are increasingly used by multinational corporations.

What kinds of careers can I have with a background in financial accounting?

Businesses of all kinds must produce financial statements in line with GAAP and IFRS methodologies, as required by taxation authorities as well as potential investors and lenders. Thus, accountants with the ability to organize and maintain financial records, rigorously apply financial accounting principles, and produce clear reports according to these standards are always in demand. According to the Bureau of Labor Statistics , accountants and auditors earned a median annual salary of $71,550 as of May 2019. These jobs are expected to grow as fast as other jobs in the economy, since they are dependent on the growth of businesses requiring their services. And, while entry-level positions may require only a bachelor’s degree in accounting, job prospects will be best for those with Certified Public Accountant (CPA) recognition, a masters of science in accountancy, or a master’s in business administration (MBA) with an accounting concentration.

Can I learn about financial accounting through online courses on Coursera?

Absolutely. Coursera offers a wide range of courses and Specializations in business and finance topics, including financial accounting, from top-ranked schools such as the University of Pennsylvania and the University of Virginia. You can even pursue a masters of science in accounting from the University of Illinois at Urbana-Champaign’s prestigious Gies College of Business - a top-three university in the field. Regardless of whether you’re a beginner looking for introductory-level education or a mid-career professional looking to dive deeper into a specific topic or pursue your master’s degree, Coursera lets you learn remotely on a flexible schedule that fits with your existing work or family life. And, with a lower tuition than on-campus alternatives, you don’t need to be an accounting expert (yet) to know that learning online is a smart decision for your own finances.

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Financial Accounting

Financial Accounting Courses

Explore 100% online Degrees and Certificates on Coursera

Master of Business Administration (iMBA)University of Illinois

Master of Science in AccountingUniversity of Illinois at Urbana-Champaign

Master of Science in ManagementUniversity of Illinois at Urbana-Champaign

Introduction to Financial Accounting
University of Pennsylvania
COURSE
Rated 4.7 out of five stars. 6423 reviews
220k students
Mixed
Financial Accounting Fundamentals
University of Virginia
COURSE
Rated 4.8 out of five stars. 1466 reviews
90k students
Beginner
Financial Management
University of Illinois at Urbana-Champaign
SPECIALIZATION
Rated 4.7 out of five stars. 4138 reviews
110k students
Intermediate
Fundamentals of Accounting
University of Illinois at Urbana-Champaign
SPECIALIZATION
Rated 4.7 out of five stars. 1178 reviews
51k students
Beginner
Financial Reporting
University of Illinois at Urbana-Champaign
SPECIALIZATION
Rated 4.8 out of five stars. 364 reviews
20k students
Intermediate
More Introduction to Financial Accounting
University of Pennsylvania
COURSE
Rated 4.9 out of five stars. 409 reviews
44k students
Mixed
Accounting: Principles of Financial Accounting
IESE Business School
COURSE
Rated 4.8 out of five stars. 1637 reviews
56k students
Beginner
Financial Accounting: Foundations
University of Illinois at Urbana-Champaign
COURSE
Rated 4.7 out of five stars. 2901 reviews
71k students
Mixed
Financial Markets
Yale University
COURSE
Rated 4.8 out of five stars. 13181 reviews
710k students
Beginner
Finance for Non-Finance Professionals
Rice University
COURSE
Rated 4.8 out of five stars. 1748 reviews
88k students
Beginner
Accounting for Decision Making
University of Michigan
COURSE
Rated 4.8 out of five stars. 232 reviews
15k students
Intermediate
Advanced Financial Reporting: Accounting for Business Combinations and Preparation of Consolidated Financial Statements
University of Illinois at Urbana-Champaign
COURSE
Rated 4.8 out of five stars. 50 reviews
4.5k students
Advanced
Contabilidad para no contadores
Universidad Nacional Autónoma de México
COURSE
Rated 4.7 out of five stars. 5072 reviews
290k students
Beginner
Fundamentals of financial and management accounting
Politecnico di Milano
COURSE
Rated 4.8 out of five stars. 125 reviews
3.5k students
Beginner
Everyday Excel, Part 2
University of Colorado Boulder
COURSE
Rated 4.9 out of five stars. 83 reviews
7.2k students
Intermediate
Essentials of Corporate Finance
The University of Melbourne
SPECIALIZATION
Rated 4.6 out of five stars. 1428 reviews
63k students
Intermediate
Investment Strategy
Indian School of Business
COURSE
Rated 4.2 out of five stars. 127 reviews
14k students
Intermediate
Financial Management Capstone
University of Illinois at Urbana-Champaign
COURSE
Rated 4.7 out of five stars. 78 reviews
3.8k students
Mixed
Investments I: Fundamentals of Performance Evaluation
University of Illinois at Urbana-Champaign
COURSE
Rated 4.8 out of five stars. 685 reviews
28k students
Mixed
Interest Rate Models
École Polytechnique Fédérale de Lausanne
COURSE
Rated 4.5 out of five stars. 144 reviews
22k students
Advanced

Searches related to financial accounting

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financial accounting: advanced topics

financial accounting: foundations

formal financial accounting

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In summary, here are 10 of our most popular financial accounting courses

Introduction to Financial Accounting: University of Pennsylvania
Financial Accounting Fundamentals: University of Virginia
Financial Management: University of Illinois at Urbana-Champaign
Fundamentals of Accounting: University of Illinois at Urbana-Champaign
Financial Reporting: University of Illinois at Urbana-Champaign
More Introduction to Financial Accounting: University of Pennsylvania
Accounting: Principles of Financial Accounting: IESE Business School
Financial Accounting: Foundations: University of Illinois at Urbana-Champaign
Financial Markets: Yale University
Finance for Non-Finance Professionals: Rice University

Skills you can learn in Finance

Investment (23)

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Frequently Asked Questions about Financial Accounting

Financial accounting is the process of recording, categorizing, and reporting the transactions of a business. In contrast to other fields in accounting such as personal accounting or managerial accounting, financial accounting is specifically concerned with the preparation of financial statements for public use as required by banks, government regulators, shareholders, and other stakeholders. These statements typically include a company’s income statement (also known as a profit and loss or P&L statement), balance sheet, and statement of cash flows.
Accurate financial accounting plays a critically important role in financial management, as these statements collectively provide an agreed-upon framework for both internal and external parties to evaluate the financial health of a company. As such, professionals in this field must have a rigorous understanding of accounting terminology and concepts as established in the Generally Accepting Accounting Principles (GAAP) that are standard in the U.S. - and potentially the International Financial Reporting Standards (IFRS), which are increasingly used by multinational corporations.
Businesses of all kinds must produce financial statements in line with GAAP and IFRS methodologies, as required by taxation authorities as well as potential investors and lenders. Thus, accountants with the ability to organize and maintain financial records, rigorously apply financial accounting principles, and produce clear reports according to these standards are always in demand.
According to the Bureau of Labor Statistics, accountants and auditors earned a median annual salary of $71,550 as of May 2019. These jobs are expected to grow as fast as other jobs in the economy, since they are dependent on the growth of businesses requiring their services. And, while entry-level positions may require only a bachelor’s degree in accounting, job prospects will be best for those with Certified Public Accountant (CPA) recognition, a masters of science in accountancy, or a master’s in business administration (MBA) with an accounting concentration.
Absolutely. Coursera offers a wide range of courses and Specializations in business and finance topics, including financial accounting, from top-ranked schools such as the University of Pennsylvania and the University of Virginia. You can even pursue a masters of science in accounting from the University of Illinois at Urbana-Champaign’s prestigious Gies College of Business - a top-three university in the field.
Regardless of whether you’re a beginner looking for introductory-level education or a mid-career professional looking to dive deeper into a specific topic or pursue your master’s degree, Coursera lets you learn remotely on a flexible schedule that fits with your existing work or family life. And, with a lower tuition than on-campus alternatives, you don’t need to be an accounting expert (yet) to know that learning online is a smart decision for your own finances.

What Coursera Has to Offer

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GUIDED PROJECT

Learn a job-relevant skill that you can use today in under 2 hours through an interactive experience guided by a subject matter expert. Access everything you need right in your browser and complete your project confidently with step-by-step instructions.

COURSE

Learn Finance with online Finance courses. Take courses from the world's best instructors and universities. Courses include recorded auto-graded and peer-reviewed assignments, video lectures, and community discussion forums. When you complete a course, you’ll be eligible to receive a shareable electronic Course Certificate for a small fee.

SPECIALIZATION

Learn Finance with online Finance Specializations. Enroll in a Specialization to master a specific career skill. You’ll complete a series of rigorous courses, tackle hands-on projects, and earn a Specialization Certificate to share with your professional network and potential employers.

PROFESSIONAL CERTIFICATE

Whether you’re looking to start a new career or change your current one, Professional Certificates on Coursera help you become job ready. Learn at your own pace from top companies and universities, apply your new skills to hands-on projects that showcase your expertise to potential employers, and earn a career credential to kickstart your new career.

MASTERTRACK™ CERTIFICATE

With MasterTrack™ Certificates, portions of Master’s programs have been split into online modules, so you can earn a high quality university-issued career credential at a breakthrough price in a flexible, interactive format. Benefit from a deeply engaging learning experience with real-world projects and live, expert instruction. If you are accepted to the full Master's program, your MasterTrack coursework counts towards your degree.

DEGREE

Transform your resume with an online degree from a top university for a breakthrough price. Our modular degree learning experience gives you the ability to study online anytime and earn credit as you complete your course assignments. You'll receive the same credential as students who attend class on campus. Coursera degrees cost much less than comparable on-campus programs.

Financial Accounting Courses

Explore 100% online Degrees and Certificates on Coursera

Showing 230 total results for "financial accounting"

Searches related to financial accounting

financial accounting fundamentals

financial accounting: advanced topics

financial accounting: foundations

formal financial accounting

introduction to financial accounting

management and financial accounting: know your numbers 1

accounting: principles of financial accounting

more introduction to financial accounting

In summary, here are 10 of our most popular financial accounting courses

Skills you can learn in Finance

Frequently Asked Questions about Financial Accounting

What Coursera Has to Offer

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