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.
This course is part of the Introduction to Financial Accounting: The Accounting Cycle Specialization
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About this Course
Skills you will gain
Offered by

University of California, Irvine
Since 1965, the University of California, Irvine has combined the strengths of a major research university with the bounty of an incomparable Southern California location. UCI’s unyielding commitment to rigorous academics, cutting-edge research, and leadership and character development makes the campus a driving force for innovation and discovery that serves our local, national and global communities in many ways.
Syllabus - What you will learn from this course
Introduction to Financial Accounting
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.
The Accounting Equation & Financial Statements
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.
The Accounting Cycle & Analyzing Transactions
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.
Analyzing Transactions using the Debit & Credit Rules
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.
Reviews
TOP REVIEWS FROM WHAT IS FINANCIAL ACCOUNTING?
great course, very well put together and easy to follow and understand.
Good for beginners. One can grasp concepts easily with the exercise.
About the Introduction to Financial Accounting: The Accounting Cycle Specialization
In this hands-on Specialization you will practice completing each step of the accounting cycle within Microsoft Excel, from analyzing and recording the first financial transactions of the year all the way through starting the new fiscal year.

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