This course provides a comprehensive introduction to financial accounting and the structure, purpose, and interpretation of financial statements. Learners build a strong foundation in core accounting principles, including double-entry bookkeeping, the accounting equation, and revenue recognition. The course then examines the preparation and analysis of the income statement and balance sheet, focusing on key line items, transaction classification, and the relationships between assets, liabilities, equity, revenues, and expenses.
Foundations of Financial Statement
Foundations of Financial Statement
Instructors: Michael McDonald
Access provided by Special Competitive Studies Project
Gain insight into a topic and learn the fundamentals.
Beginner level
Recommended experience
6 hours to complete
Flexible schedule
Learn at your own pace
What you'll learn
Apply double-entry bookkeeping to record and classify transactions.
Construct and interpret income statements and balance sheets.
Analyze and link the three core financial statements, including cash flow.
Skills you'll gain
- Cash Flows
- Accrual Accounting
- Accounting
- Working Capital
- Financial Modeling
- Financial Analysis
- Business Acumen
- Generally Accepted Accounting Principles (GAAP)
- Balance Sheet
- Financial Accounting
- Financial Reporting
- Revenue Recognition
- Financial Statement Analysis
- Business Valuation
- Income Statement
- Financial Statements
- Income Tax
- Excel Formulas
- Bookkeeping
Details to know
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Assessments
3 assignments
Taught in English
Recently updated!
March 2026
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There are 3 modules in this course
Covers core accounting mechanics including debits and credits, the accounting equation, and revenue and expense recognition. Builds the foundation for all financial statement work.
What's included
11 videos2 readings1 assignment1 peer review1 discussion prompt
This module explores two of the three core financial statements: the income statement and balance sheet. Learners will study the structure and purpose of each statement, understand how to interpret key line items, and apply profitability ratios to evaluate business performance. Emphasis is placed on how revenue, expenses, assets, liabilities, and equity interact to provide a snapshot of financial health.
What's included
10 videos1 reading1 assignment1 peer review1 discussion prompt
This module introduces the cash flow statement and shows how it links to the income statement and balance sheet to provide a complete picture of a company’s financial health. Learners will explore the direct and indirect methods of preparing cash flows, learn to calculate free cash flow, and build an understanding of how the three financial statements are integrated in professional models. The module emphasizes how cash flow is the critical link between profit, operations, and liquidity.
What's included
11 videos1 reading1 assignment2 peer reviews1 discussion prompt
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