This course, developed at the Darden School of Business at the University of Virginia and taught by top-ranked faculty, will teach you the tools you'll need to understand the fundamentals of financial accounting. Concise videos, the financial records of a small business, and "your turn" activities guide you through the three most commonly used financial statements: the Balance Sheet, the Income Statement, and the Statement of Cash Flows. Beyond recording transactions, you'll learn how to prepare these financial statements, and read and analyze them to draw basic conclusions about a company's financial health.
Financial Accounting Fundamentals
Financial Accounting Fundamentals
This course is part of Entrepreneurship: Growing Your Business Specialization
Instructor: Luann J. Lynch
167,439 already enrolled
Gain insight into a topic and learn the fundamentals.
4.8
(2,747 reviews)
Beginner level
Recommended experience
Flexible schedule
Approx. 12 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
Skills you'll gain
Details to know
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Assessments
10 assignments
Taught in English
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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.
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There are 5 modules in this course
During this first week, we鈥檒l learn about the context for financial accounting, including the informational role it plays for both internal and external audiences. We鈥檒l explain accounting standards, which ensure financial information is conveyed clearly and effectively. Finally, we鈥檒l 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 assignments
After learning about the Balance Sheet, we鈥檙e ready to move on to using journal entries to record transactions, then t-accounts to summarize transactions recorded during an accounting period. We鈥檒l 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鈥檒l also evaluate the effect of transactions on the balance sheet equation to ensure it remains balanced.
What's included
13 videos2 assignments
Now that we鈥檝e learned the fundamentals of recording transactions, we鈥檙e ready to dive into another financial statement: the Income Statement (IS). After learning about the Income Statement, we鈥檒l 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 assignments
After learning about the Income Statement, revenue and expense transactions, and adjusting entries, we鈥檙e ready to move on to preparing our end-of-period financial statements. We鈥檒l prepare the Income Statement and Balance Sheet based on the transactions that have been recorded. Then, we鈥檒l dive into the Statement of Cash Flows (SCF) and learn how to prepare that financial statement. Finally, we鈥檒l briefly discuss closing entries, since we've been preparing them as we've been going along!
What's included
16 videos2 assignments
During this last week, we鈥檒l 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鈥檒l do some analysis of The Garden Spot鈥檚 financial statements. Finally, we鈥檒l take a look at PepsiCo鈥檚 Annual Report as an example of reporting for a publicly traded U.S. company.
What's included
16 videos2 assignments
Instructor
Instructor ratings
4.8 (766 ratings)Offered by
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MA
5
Reviewed on Jun 15, 2020
Really great course, has given me better & clear understanding in constructing all financial aspect of my business. Can't wait to apply for company profiling for investment.
AM
5
Reviewed on Nov 26, 2020
Great lectures! My only feedback is that I think I would've really benefitted from some study alone worksheets personally as an appendices to the course so I could practice.
JS
5
Reviewed on Sep 23, 2020
it was really good step by step learning. being a business head i knew most of the things but this course really helped to brush up and refresh all what i knew in systematic manner.
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