Students are introduced to the field of financial accounting through defining the foundational activities, tools, and users of financial accounting. Students learn to use the accounting equation and are introduced to the four major financial statements. Additional topics include ethical considerations, recording business transactions, and the application of credit/debit rules.
What is Financial Accounting?
What is Financial Accounting?
This course is part of Introduction to Financial Accounting: The Accounting Cycle Specialization
Instructor: Andrea Eliassen
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Gain insight into a topic and learn the fundamentals.
4.8
(484 reviews)
Beginner level
No prior experience required
Flexible schedule
Approx. 9 hours
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Assessments
8 assignments
Taught in English
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This course is part of the Introduction to Financial Accounting: The Accounting Cycle Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
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There are 4 modules in this course
Welcome to the first module of the course! We will start our introduction to the field of financial accounting by discussing practical applications of accounting information. Additionally we will identify who uses accounting information, address ethical considerations relevant to accounting, and define the three main forms of business ownership.
What's included
2 videos2 readings2 assignments
In this module we are introduced to the accounting equation and the four basic financial statements. We will start by breaking down the components of the accounting equation: assets, liabilities, and equity. We will then take a look at three out of the four basic financial statements: the income statement, the retained earnings statement, and the balance sheet. In this module's activity we will introduce you to the sum function in Excel, which will be used in the remaining activities for this course.
What's included
2 videos1 reading2 assignments
In this module we introduce the first step in the accounting cycle: “Analyze Transactions”. By the end of this module you will be able to analyze and record service business transactions within the fundamental accounting equation. First, we will walk through examples of recording business transitions in the video lesson. Then you will complete an activity to practice recording transactions on your own.
What's included
3 videos2 readings2 assignments
In this module we will analyze and record service business transactions using the debit and credit rules. We will also cover the function of T accounts within the accounting cycle and how to calculate the balances of each account at the end of an accounting period. In this module's activity you will have the opportunity to practice recording transactions in T accounts on your own in Excel.
What's included
3 videos2 readings2 assignments
Instructor
Instructor ratings
4.8 (193 ratings)Offered by
Recommended if you're interested in Business Essentials
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4.8
484 reviews
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Showing 3 of 484
AA
5
Reviewed on Aug 10, 2023
The course made it seem it was easy to understand the fundamentals of financial accounting.
LM
5
Reviewed on Mar 12, 2025
EXCELLENT teacher. Schools that have online classes should take a page out of y'alls book!
SJ
5
Reviewed on Sep 2, 2022
This was an excellent course. I learned a lot in this course. I would recommend it to anyone who wants to brush up on their accounting and t accounts.
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