University of Virginia

Financial Accounting Fundamentals

This course is part of Entrepreneurship: Growing Your Business Specialization

Taught in English

Some content may not be translated

Luann J. Lynch

Instructor: Luann J. Lynch

150,098 already enrolled

Course

Gain insight into a topic and learn the fundamentals

4.8

(2,563 reviews)

|

98%

Beginner level

Recommended experience

13 hours (approximately)
Flexible schedule
Learn at your own pace

What you'll learn

  • How to use journal entries to record transactions and prepare and use t-accounts to summarize transactions recorded during an accounting period

  • The three most commonly used financial statements and how they fit together

  • How to prepare these financial statements based on transactions recorded during an accounting period

  • How to draw basic conclusions about a company's financial health

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

10 quizzes

Course

Gain insight into a topic and learn the fundamentals

4.8

(2,563 reviews)

|

98%

Beginner level

Recommended experience

13 hours (approximately)
Flexible schedule
Learn at your own pace

See how employees at top companies are mastering in-demand skills

Placeholder

Build your subject-matter expertise

This course is part of the Entrepreneurship: Growing Your Business Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
  • Learn new concepts from industry experts
  • Gain a foundational understanding of a subject or tool
  • Develop job-relevant skills with hands-on projects
  • Earn a shareable career certificate
Placeholder
Placeholder

Earn a career certificate

Add this credential to your LinkedIn profile, resume, or CV

Share it on social media and in your performance review

Placeholder

There are 5 modules in this course

During this first week, we’ll learn about the context for financial accounting, including the informational role it plays for both internal and external audiences. We’ll explain accounting standards, which ensure financial information is conveyed clearly and effectively. Finally, we’ll describe the three primary financial statements as part of a recurring accounting process, called the accounting cycle, and then dive into one of those statements: the Balance Sheet (BS).

What's included

14 videos2 readings2 quizzes1 discussion prompt

After learning about the Balance Sheet, we’re ready to move on to using journal entries to record transactions, then t-accounts to summarize transactions recorded during an accounting period. We’ll apply those tools to record transactions for a fictional startup company, The Garden Spot, during its first year of operations (TGS Year 1). As we go along, we’ll also evaluate the effect of transactions on the balance sheet equation to ensure it remains balanced.

What's included

13 videos2 quizzes1 discussion prompt

Now that we’ve learned the fundamentals of recording transactions, we’re ready to dive into another financial statement: the Income Statement (IS). After learning about the Income Statement, we’ll record revenue and expense transactions, and summarize these transactions in a special account. Finally, we'll record adjusting entries in accordance with accrual accounting, prior to the preparation of the financial statements.

What's included

14 videos2 quizzes1 discussion prompt

After learning about the Income Statement, revenue and expense transactions, and adjusting entries, we’re ready to move on to preparing our end-of-period financial statements. We’ll prepare the Income Statement and Balance Sheet based on the transactions that have been recorded. Then, we’ll dive into the Statement of Cash Flows (SCF) and learn how to prepare that financial statement. Finally, we’ll briefly discuss closing entries, since we've been preparing them as we've been going along!

What's included

16 videos2 quizzes1 discussion prompt

During this last week, we’ll walk through the second year of operations for our fictional startup company, The Garden Spot (TGS Year 2), for additional practice recording transactions and preparing our end-of-period financial statements. Then, we’ll do some analysis of The Garden Spot’s financial statements. Finally, we’ll take a look at PepsiCo’s Annual Report as an example of reporting for a publicly traded U.S. company.

What's included

16 videos2 quizzes1 discussion prompt

Instructor

Instructor ratings
4.8 (708 ratings)
Luann J. Lynch
University of Virginia
2 Courses205,777 learners

Offered by

Recommended if you're interested in Business Essentials

Why people choose Coursera for their career

Felipe M.
Learner since 2018
"To be able to take courses at my own pace and rhythm has been an amazing experience. I can learn whenever it fits my schedule and mood."
Jennifer J.
Learner since 2020
"I directly applied the concepts and skills I learned from my courses to an exciting new project at work."
Larry W.
Learner since 2021
"When I need courses on topics that my university doesn't offer, Coursera is one of the best places to go."
Chaitanya A.
"Learning isn't just about being better at your job: it's so much more than that. Coursera allows me to learn without limits."

Learner reviews

Showing 3 of 2563

4.8

2,563 reviews

  • 5 stars

    85.77%

  • 4 stars

    12.50%

  • 3 stars

    1.09%

  • 2 stars

    0.35%

  • 1 star

    0.27%

TR
4

Reviewed on Jun 27, 2020

RM
5

Reviewed on Dec 22, 2019

SR
5

Reviewed on Dec 4, 2021

New to Business Essentials? Start here.

Placeholder

Open new doors with Coursera Plus

Unlimited access to 7,000+ world-class courses, hands-on projects, and job-ready certificate programs - all included in your subscription

Advance your career with an online degree

Earn a degree from world-class universities - 100% online

Join over 3,400 global companies that choose Coursera for Business

Upskill your employees to excel in the digital economy

Frequently asked questions