This course is part of the Fundamentals of Accounting Specialization

Offered By

Fundamentals of Accounting SpecializationUniversity of Illinois at Urbana-Champaign

About this Course

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This course is designed to provide a basic understanding of financial statements with an emphasis on the balance sheet. However, to understand accounting driven financial statements, it is important to recognize that accounting is less about counting and more about measuring. “What is it that is being measured?” Well, as the course unfolds, you will learn about the three measurement questions and how the balance sheet helps to answer the first two of these questions. By touring a real company and interviewing real business people, the course describes the basic content of financial statements in a simple yet relevant context. The goal of the course is to leave a lasting impression about what balance sheet consists of and what it reveals. The next course in the Fundamentals of Accounting Specialization completes the conversation by addressing the remaining measurement question.
Upon successful completion of this course, you will be able to:
•	Describe the purpose of a balance sheet.
•	Define the three components of a balance sheet.
•	Recognize and understand the meaning of several items typically presented on a balance sheet. 
•	Explain the broader purpose of financial statements and the role of accounting in producing the financial statements.
•	Read and, to some extent, interpret real-world balance sheets.

If you enjoy this business course and are interested in an MBA, consider applying to the iMBA, a flexible, fully-accredited online MBA at an incredibly competitive price offered by the University of Illinois. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

Learner Career Outcomes

33%

started a new career after completing these courses

40%

got a tangible career benefit from this course

25%

got a pay increase or promotion

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 1 of 5 in the

Fundamentals of Accounting Specialization

Flexible deadlines

Reset deadlines in accordance to your schedule.

Beginner Level

Approx. 11 hours to complete

English

Subtitles: English

Skills you will gain

AccountingFinancial StatementBalance SheetAccounting Terminology

Learner Career Outcomes

33%

started a new career after completing these courses

40%

got a tangible career benefit from this course

25%

got a pay increase or promotion

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 1 of 5 in the

Fundamentals of Accounting Specialization

Flexible deadlines

Reset deadlines in accordance to your schedule.

Beginner Level

Approx. 11 hours to complete

English

Subtitles: English

Instructor

Instructor rating

4.76/5 (16 Ratings)

Kevin E. Jackson

Associate Professor of Accountancy and PwC Faculty Fellow

Department of Accountancy, College of Business

33,131 Learners

2 Courses

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.

Syllabus - What you will learn from this course

Content Rating97%(3,474 ratings)

Week

Week 1

1 hour to complete

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.

1 hour to complete

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

1 video

Welcome to Understanding Financial Statements: Company Position!1m

5 readings

Syllabus10m

About the Discussion Forums10m

Glossary10m

Updating Your Profile10m

Social Media10m

1 practice exercise

Orientation Quiz10m

2 hours to complete

Module 1: What Is Accounting and Why Are Financial Reports Important?

This module will introduce you to the basics of financial statements by emphasizing the links between accounting, measurement, and financial statements.

2 hours to complete

2 videos (Total 23 min), 2 readings, 3 quizzes

2 videos

1-1. What Is Accounting?14m

1-2. Why Are Financial Statements Important?8m

2 readings

Module 1 Overview10m

Lessons 1 & 2 Readings10m

3 practice exercises

Lesson 1-1 Practice Quiz30m

Lesson 1-2 Practice Quiz30m

Module 1 Quiz30m

Week

Week 2

2 hours to complete

Module 2: Assets – What Do You Own?

This module will explain the basics of the balance sheet, provide a working definition of assets, and give you an overview of assets typically presented on the balance sheet.

2 hours to complete

2 videos (Total 23 min), 2 readings, 3 quizzes

2 videos

2-1. The Balance Sheet – Current Assets11m

2-2. The Balance Sheet – Non-Current Assets11m

2 readings

Module 2 Overview10m

Module 2 Readings10m

3 practice exercises

Lesson 2-1 Practice Quiz30m

Lesson 2-2 Practice Quiz30m

Module 2 Quiz30m

Week

Week 3

2 hours to complete

Module 3: Liabilities – What Do You Owe?

This module will introduce you to the concept of liabilities and explain what they are and how they can arise.

2 hours to complete

2 videos (Total 24 min), 2 readings, 3 quizzes

2 videos

3-1. The Balance Sheet – Liabilities Part 110m

3-2. The Balance Sheet – Liabilities Part 213m

2 readings

Module 3 Overview10m

Module 3 Readings10m

3 practice exercises

Lesson 3-1 Practice Quiz30m

Lesson 3-2 Practice Quiz30m

Module 3 Quiz30m

Week

Week 4

3 hours to complete

Module 4: Equity and How the Balance Sheet Fits Together

This module will build an intuition for what equity represents. It will also explain how the components of the balance sheet relate to one another.

3 hours to complete

2 videos (Total 18 min), 2 readings, 4 quizzes

2 videos

4-1. The Balance Sheet – Equity Part 112m

4-2. The Balance Sheet – Equity Part 24m

2 readings

Module 4 Overview10m

Module 4 Readings10m

3 practice exercises

Lesson 4-1 Practice Quiz30m

Lesson 4-2 Practice Quiz30m

Module 4 Quiz30m

About the Fundamentals of Accounting Specialization

Accounting is the “language of business.” Being able to understand this language allows individuals both inside and outside of an organization to join the “conversation” about how the organization is performing and how it can improve future performance. Financial accounting focuses on the reports that managers generate to provide interested external parties a summary of the firm’s financial position and operations. Managerial accounting focuses on the information and the analytical tools and techniques that help managers and employees make the right business decisions. In this Specialization, you will learn the fundamentals of both of these purposes of accounting. More specifically, you will understand the financial statements that managers create, and be able to interpret and analyze these statements to assess the financial position of the organization. You will also identify and understand the nature, purpose, and importance of different types of decision-useful accounting information, and use analytical tools and techniques to use this information to make business decisions. Via the capstone, you will apply these fundamentals via the lens of a new business, creating a business plan, forecasts and budgets, and anticipated information needs for decisions made by you as owner and manager, your employees, and external parties such as future shareholders, creditors, and other constituents....

Frequently Asked Questions

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Is financial aid available?
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