4.7
stars
4,240 ratings

Oktay Urcan

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Offered By

Part of the Master of Business Administration (iMBA) degree
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University of Illinois at Urbana-Champaign

About this Course

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

•	Understand main financial statements and the financial information they provide
•	Write a financial transaction in financial accounting language and understand how this impacts main financial statements
•	Understand how accrual accounting and fundamental accounting concepts work
•	Understand revenue recognition principles and how they impact main financial statements
•	Account for accounts receivables and inventories.  

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.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

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Approx. 14 hours to complete

English

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Skills you will gain

Financial Accounting
Accounting
Accrual
Financial Statement

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Approx. 14 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.6/5 (867 Ratings)

Oktay Urcan

Professor of Accountancy

Department of Accountancy, College of Business

136,710 Learners

5 Courses

Offered by

University of Illinois at Urbana-Champaign

Start working towards your Master's degree

This course is part of the 100% online Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your courses count towards your degree learning.

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Syllabus - What you will learn from this course

Content Rating97%(17,304 ratings)

Week1

Week 1

2 hours to complete

Course Orientation

2 hours to complete

2 videos (Total 2 min), 5 readings, 1 quiz

3 hours to complete

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.

3 hours to complete

10 videos (Total 60 min), 4 readings, 5 quizzes

10 videos

M1L1V1: Introduction39sM1L1V2: What Is Accounting?1mM1L1V3: Components of Annual Reports3mM1L2V1: Balance Sheet Overview2mM1L2V2: Balance Sheet: Assets5mM1L2V3: Balance Sheet: Liabilities5mM1L2V4: Balance Sheet: Shareholders’ Equity3mM1L3V1: Income Statement5mM1L4V1: Cash Flow Statement6mModule 1 Case Video25m

4 readings

Module 1 Overview10mModule 1 Readings10mModule 1 Example Case Questions10mModule 1 Example Case Solutions10m

5 practice exercises

Lesson 1-1 Practice Quiz10mLesson 1-2 Practice Quiz14mLesson 1-3 Practice Quiz8mLesson 1-4 Practice Quiz6mIntroduction to Financial Accounting Quiz14m

Week2

Week 2

3 hours to complete

Module 2: Recording Transactions and Financial Statement Preparation

3 hours to complete

5 videos (Total 75 min), 5 readings, 5 quizzes

5 videos

M2L1V1: Overview8mM2L2V1: Example: Illinois Supermarket22mM2L3V1: Individual Accounts2mM2L4V1: Accrual Accounting5mModule 2 Case Video37m

5 readings

Module 2 Overview10mModule 2 Readings10mModule 2 Example Case Questions10mModule 2 Example Case Solutions10mAdditional Resources10m

5 practice exercises

Lesson 2-1 Practice Quiz8mLesson 2-2 Practice Quiz4mLesson 2-3 Practice Quiz4mLesson 2-4 Practice Quiz10mRecording Transactions and Financial Statement Preparation Quiz16m

Week3

Week 3

4 hours to complete

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.

4 hours to complete

6 videos (Total 57 min), 4 readings, 6 quizzes

6 videos

M3L1V1: Overview42sM3L2V1: Fundamental Accounting Concepts4mM3L3V1: Accruals Concept11mM3L4V1: Conservatism Concept5mM3L5V1: Revenue Recognition10mModule 3 Case Video25m

4 readings

Module 3 Overview10mModule 3 Readings10mModule 3 Example Case Questions10mModule 3 Example Case Solutions10m

5 practice exercises

Lesson 3-2 Practice Quiz10mLesson 3-3 Practice Quiz10mLesson 3-4 Practice Quiz8mLesson 3-5 Practice Quiz10mFundamental Accounting Concepts and Revenue Recognition Quiz20m

Week4

Week 4

4 hours to complete

Module 4: Short-Term Assets

4 hours to complete

11 videos (Total 77 min), 6 readings, 8 quizzes

11 videos

M4L1V1: Overview49sM4L2V1: Accounts Receivables: Cash Discounts3mM4L3V1: Accounts Receivables: Sales Returns3mM4L4V1: Accounts Receivables: Bad Debts5mM4L5V1: Accounts Receivables of Walmart4mM4L6V1: Inventories2mM4L7V1: Cost Flow Assumptions8mM4L8V1: Inventories of Walmart2mM4L9V1: Appendix 1: LIFO - FIFO Conversion12mModule 4 Case Video30mGies Online Programs3m

6 readings

Module 4 Overview10mModule 4 Readings10mModule 4 Example Case Questions10mModule 4 Example Case Solutions10mCongratulations!10mGet Your Course Certificate10m

8 practice exercises

Lesson 4-2 Practice Quiz8mLesson 4-3 Practice Quiz8mLesson 4-4 Practice Quiz8mLesson 4-5 Practice Quiz8mLesson 4-6 Practice Quiz6mLesson 4-7 Practice Quiz10mAppendix 1 Practice QuizShort-Term Assets Quiz20m

Reviews

4.7

976 reviews

5 stars
78.88%
4 stars
17.34%
3 stars
2.37%
2 stars
0.73%
1 star
0.65%

TOP REVIEWS FROM FINANCIAL ACCOUNTING: FOUNDATIONS

by APSep 25, 2019

excellent course for beginners

Best Feature: Everything is explained with a real time example and the example is kept constant throughout the course reducing the ambiguity one may have

by SSDec 8, 2018

This the teaching method and course structure plus teacher is exceptionally. One thing i need to add i was expecting to cover all the basic accounting things please add more and cover more content

by YRJun 11, 2020

This course is very helpful for me to understand the process of financial reporting. I learn a lot of new terms in the financial accounting. I hope it will be useful for my future study.

by ADSep 3, 2017

Though I have been through Intro Accounting some 3 or 4 times through different classes and seminars, I still found myself learning from this detailed and straight forward presentation of information.

View all reviews

Frequently Asked Questions

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Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

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Financial Accounting: Foundations

About this Course

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