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
Offered By
Introduction to Financial Accounting: The Accounting Cycle SpecializationUniversity of California, IrvineAbout this Course
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Course 1 of 3 in the
Flexible deadlines
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Beginner Level
Approx. 9 hours to complete
English
Subtitles: English
Skills you will gain
Practical ApplicationsFinancial StatementPractical Applications in AccountingAccounting Cycle
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Course 1 of 3 in the
Flexible deadlines
Reset deadlines in accordance to your schedule.
Beginner Level
Approx. 9 hours to complete
English
Subtitles: English
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
2 hours to complete
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.
2 hours to complete
2 videos (Total 7 min), 2 readings, 2 quizzes
2 hours to complete
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.
2 hours to complete
2 videos (Total 12 min), 1 reading, 2 quizzes
2 hours to complete
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.
2 hours to complete
3 videos (Total 11 min), 2 readings, 2 quizzes
2 hours to complete
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.
2 hours to complete
3 videos (Total 12 min), 2 readings, 2 quizzes
Reviews
TOP REVIEWS FROM WHAT IS FINANCIAL ACCOUNTING?
by PJan 26, 2021
great course, very well put together and easy to follow and understand.
by YVFeb 13, 2021
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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