Financial Accounting: Foundations

University of Illinois at Urbana-Champaign

finance   |   Intermediate   |   15 Hours

In this course, you will learn foundations of financial accounting information. You will start your journey with a general overview of what financial accounting information is and the main financial statements. You will then learn how to code financial transactions in financial accounting language. In the meantime, you will learn about the most important concept in contemporary financial accounting: accrual accounting. You will then critically analyze how firms recognize revenues. Finally, you will finish the course with an analysis of accounting for short-term assets where you will go into detail on how firms account for accounts receivables and inventories.

Upon successful completion of this course, you will be able to:

•\tUnderstand main financial statements and the financial information they provide
•\tWrite a financial transaction in financial accounting language and understand how this impacts main financial statements
•\tUnderstand how accrual accounting and fundamental accounting concepts work
•\tUnderstand revenue recognition principles and how they impact main financial statements
•\tAccount for accounts receivables and inventories.

This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

What skills will you gain?

financial statement

basis of accounting

Accounting

Financial Accounting

accrual

balance sheet

income

Finance

income statement

inventory