What is Financial Accounting?

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What is Financial Accounting?

This course is part of Introduction to Financial Accounting: The Accounting Cycle Specialization

Instructor: Andrea Eliassen

26,426 already enrolled

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4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

No prior experience required

9 hours to complete

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

No prior experience required

9 hours to complete

Flexible schedule

Learn at your own pace

Skills you'll gain

Tools you'll learn

Microsoft Excel

Details to know

Shareable certificate

Add to your LinkedIn profile

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

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.

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

3 videosTotal 11 minutes

Introduction to the Accounting Cycle & Analyzing Transactions2 minutes
Analyzing Transactions Walkthrough7 minutes
Recording Transactions Walkthrough2 minutes

2 readingsTotal 75 minutes

Recording Transactions Activity30 minutes
Supplementary Readings45 minutes

2 assignmentsTotal 60 minutes

Recording Transactions Assessment30 minutes
Analyzing Transactions Assessment30 minutes

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

3 videosTotal 12 minutes

Analyzing Transactions using the Debit & Credit Rules4 minutes
Debit & Credit Rules Walkthrough6 minutes
Calculating Ending Balances Walkthrough2 minutes

2 readingsTotal 75 minutes

Calculating Ending Balances Activity30 minutes
Supplementary Readings45 minutes

2 assignmentsTotal 60 minutes

Calculating Ending Balances Assessment30 minutes
Debit & Credit Rules Assessment30 minutes

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Instructor

Andrea Eliassen

University of California, Irvine

3 Courses31,538 learners

Offered by

University of California, Irvine

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