University of Virginia

Financial Accounting Fundamentals

Luann J. Lynch

Instructor: Luann J. Lynch

160,938 already enrolled

Gain insight into a topic and learn the fundamentals.
4.8

(2,690 reviews)

Beginner level

Recommended experience

Flexible schedule
Approx. 13 hours
Learn at your own pace
97%
Most learners liked this course
Gain insight into a topic and learn the fundamentals.
4.8

(2,690 reviews)

Beginner level

Recommended experience

Flexible schedule
Approx. 13 hours
Learn at your own pace
97%
Most learners liked this course

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

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Assessments

10 assignments

Taught in English

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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 assignments1 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 assignments1 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 assignments1 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 assignments1 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 assignments1 discussion prompt

Instructor

Instructor ratings
4.8 (753 ratings)
Luann J. Lynch
University of Virginia
2 Courses220,860 learners

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4.8

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