This course is designed to provide a basic understanding of financial statements with an emphasis on the balance sheet. However, to understand accounting driven financial statements, it is important to recognize that accounting is less about counting and more about measuring. 鈥淲hat is it that is being measured?鈥� Well, as the course unfolds, you will learn about the three measurement questions and how the balance sheet helps to answer the first two of these questions. By touring a real company and interviewing real business people, the course describes the basic content of financial statements in a simple yet relevant context. The goal of the course is to leave a lasting impression about what balance sheet consists of and what it reveals. The next course in the Fundamentals of Accounting Specialization completes the conversation by addressing the remaining measurement question. Upon successful completion of this course, you will be able to: 鈥� Describe the purpose of a balance sheet. 鈥� Define the three components of a balance sheet. 鈥� Recognize and understand the meaning of several items typically presented on a balance sheet. 鈥� Explain the broader purpose of financial statements and the role of accounting in producing the financial statements. 鈥� Read and, to some extent, interpret real-world balance sheets. If you enjoy this business course and are interested in an MBA, consider applying to the iMBA, a flexible, fully-accredited online MBA at an incredibly competitive price offered by the University of Illinois. For more information, please see the Resource page in this course and onlinemba.illinois.edu.
3-1. The Balance Sheet 鈥� Liabilities Part 1
Skills You'll Learn
Balance Sheet, Generally Accepted Accounting Principles (GAAP), Asset Management, Financial Accounting, Financial Reporting, Financial Statement Analysis, Accounting, Financial Statements
Reviews
4.8 (1,355 ratings)
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- 4 stars16.53%
- 3 stars1.84%
- 2 stars0.29%
- 1 star0.66%
CR
Dec 3, 2020
Having worked with accountants for 11 years but only taking a few accounting classes in college, this taught me many things that help me better understand what the accountants are talking about.
JC
May 22, 2020
Really great course and a useful one in terms of clearing the finance terms and how a company creates a balance sheet and how can we evaluate a company's position by looking at one's sheet.
From the lesson
Module 3: Liabilities 鈥� What Do You Owe?
This module will introduce you to the concept of liabilities and explain what they are and how they can arise.
Taught By
Kevin E. Jackson
Professor of Accountancy