University of Illinois at Urbana-Champaign

Formal Financial Accounting

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Gain insight into a topic and learn the fundamentals

Oktay Urcan

Instructor: Oktay Urcan


(366 reviews)

Beginner level
No prior experience required
10 hours to complete
3 weeks at 3 hours a week
Flexible schedule
Learn at your own pace

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14 quizzes

Taught in English

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There are 5 modules in this course

In this module, you will become familiar with the course, your instructor, your classmates, and your learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.

What's included

2 videos5 readings1 quiz1 discussion prompt

Accounting is the language of business. Managers communicate results of operations within a firm through accounting to various financial information users including investors and creditors. The main purpose of this module is to familiarize you with technical terms in financial accounting such as debit, credit, and T-account.

What's included

4 videos1 reading4 quizzes

One of the major components of a balance sheet is assets. Accounts receivables, inventories, and plant, property, and equipment constitute a major part of the assets. Understanding accounting for these accounts will help you uncover how these accounts change over time, their valuation, and their usefulness in managerial decision making.

What's included

4 videos2 readings4 quizzes

The major sources of financing for many firms are liabilities and equity. Firms routinely finance their operations through various liabilities including accounts payables, bank loans, and bonds. They also raise funds from their investors through IPOs and SEOs. Finally, retained earnings (earnings earned but not distributed to investors) constitute a significant source of financing. Accounting for liabilities and shareholders’ equity will help you understand how formal financial accounting for liabilities and shareholders’ equity accounts are conducted.

What's included

4 videos1 reading4 quizzes

The accounting cycle starts with financial transactions, and continues with journalizing these transactions and posting the journal entries on the ledger. At the end of the year, the trial balance is prepared. The final step is to prepare financial statements from trial balance numbers. This module will go over a comprehensive exercise, which will track the accounting cycle of a firm from its establishment until its fiscal year-end financial statements.

What's included

2 videos2 readings1 quiz


Instructor ratings
4.8 (90 ratings)
Oktay Urcan
University of Illinois at Urbana-Champaign
5 Courses166,870 learners

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