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4,079 ratings

Oktay Urcan

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Offered By

Part of the Master of Business Administration (iMBA) degree

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University of Illinois at Urbana-Champaign

About this Course

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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:

•	Understand main financial statements and the financial information they provide
•	Write a financial transaction in financial accounting language and understand how this impacts main financial statements
•	Understand how accrual accounting and fundamental accounting concepts work
•	Understand revenue recognition principles and how they impact main financial statements
•	Account 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.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Approx. 14 hours to complete

English

Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish

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Skills you will gain

Financial Accounting
Accounting
Accrual
Financial Statement

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Approx. 14 hours to complete

English

Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.59/5 (834 Ratings)

Oktay Urcan

Associate Professor of Accountancy

Department of Accountancy, College of Business

126,786 Learners

5 Courses

Offered by

University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.

Start working towards your Master's degree

This course is part of the 100% online Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your courses count towards your degree learning.

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Syllabus - What you will learn from this course

Content Rating97%(16,319 ratings)

Week

Week 1

2 hours to complete

Course Orientation

You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

2 hours to complete

2 videos (Total 2 min), 5 readings, 1 quiz

3 hours to complete

Module 1: Introduction to Financial Accounting

Accounting is the language of business. Managers communicate the results of operations within a firm through accounting to various financial information users including investors and creditors. In this module, you will explore various users of accounting information and the main financial statements they use to acquire accounting information. You will develop an understanding of the particular type of information provided by each financial statement and how financial statements are related to each other.

3 hours to complete

11 videos (Total 61 min), 4 readings, 5 quizzes

11 videos

M1L1V1: Introduction39s

M1L1V2: What Is Accounting?1m

M1L1V3: Components of Annual Reports3m

M1L2V1: Balance Sheet Overview2m

M1L2V2: Balance Sheet: Assets5m

M1L2V3: Balance Sheet: Liabilities5m

M1L2V4: Balance Sheet: Shareholders’ Equity3m

M1L3V1: Income Statement5m

M1L4V1: Cash Flow Statement6m

Module 1 Case Video25m

Like this course? Learn more with the iMBA! (optional)1m

4 readings

Module 1 Overview10m

Module 1 Readings10m

Module 1 Example Case Questions10m

Module 1 Example Case Solutions10m

5 practice exercises

Lesson 1-1 Practice Quiz10m

Lesson 1-2 Practice Quiz14m

Lesson 1-3 Practice Quiz8m

Lesson 1-4 Practice Quiz6m

Introduction to Financial Accounting Quiz14m

Week

Week 2

3 hours to complete

Module 2: Recording Transactions and Financial Statement Preparation

The starting point of financial statements is individual financial transactions. In this module, you will learn how to code financial transactions in accounting language and how to build main financial statements from these coded financial transactions. This bottom-up approach will help you appreciate the impact of various financial transactions on main financial statements.

3 hours to complete

5 videos (Total 75 min), 5 readings, 5 quizzes

5 videos

M2L1V1: Overview8m

M2L2V1: Example: Illinois Supermarket22m

M2L3V1: Individual Accounts2m

M2L4V1: Accrual Accounting5m

Module 2 Case Video37m

5 readings

Module 2 Overview10m

Module 2 Readings10m

Module 2 Example Case Questions10m

Module 2 Example Case Solutions10m

Additional Resources10m

5 practice exercises

Lesson 2-1 Practice Quiz8m

Lesson 2-2 Practice Quiz4m

Lesson 2-3 Practice Quiz4m

Lesson 2-4 Practice Quiz10m

Recording Transactions and Financial Statement Preparation Quiz16m

Week

Week 3

4 hours to complete

Module 3: Fundamental Accounting Concepts and Revenue Recognition

Fundamental accounting concepts and revenue recognition principles are at the heart of coding financial transactions in accounting language as well as preparation of financial statements from these coded financial transactions. Real life transactions are reflected in financial statements through the lens of these concepts and principles. A good understanding of these concepts and principles will help you understand the type and the nature of information you can learn from financial statements.

4 hours to complete

6 videos (Total 57 min), 4 readings, 6 quizzes

6 videos

M3L1V1: Overview42s

M3L2V1: Fundamental Accounting Concepts4m

M3L3V1: Accruals Concept11m

M3L4V1: Conservatism Concept5m

M3L5V1: Revenue Recognition10m

Module 3 Case Video25m

4 readings

Module 3 Overview10m

Module 3 Readings10m

Module 3 Example Case Questions10m

Module 3 Example Case Solutions10m

5 practice exercises

Lesson 3-2 Practice Quiz10m

Lesson 3-3 Practice Quiz10m

Lesson 3-4 Practice Quiz8m

Lesson 3-5 Practice Quiz10m

Fundamental Accounting Concepts and Revenue Recognition Quiz20m

Week

Week 4

3 hours to complete

Module 4: Short-Term Assets

One of the major components of a balance sheet is short-term assets, which are assets that can be converted into cash within a year. Accounts receivables and inventories constitute a major part of short-term assets. Understanding accounting for these accounts will help you uncover how these accounts change over time, their valuation, and their usefulness in managerial decision making.

3 hours to complete

11 videos (Total 77 min), 6 readings, 8 quizzes

11 videos

M4L1V1: Overview49s

M4L2V1: Accounts Receivables: Cash Discounts3m

M4L3V1: Accounts Receivables: Sales Returns3m

M4L4V1: Accounts Receivables: Bad Debts5m

M4L5V1: Accounts Receivables of Walmart4m

M4L6V1: Inventories2m

M4L7V1: Cost Flow Assumptions8m

M4L8V1: Inventories of Walmart2m

M4L9V1: Appendix 1: LIFO - FIFO Conversion12m

Module 4 Case Video30m

Gies Online Programs3m

6 readings

Module 4 Overview10m

Module 4 Readings10m

Module 4 Example Case Questions10m

Module 4 Example Case Solutions10m

Congratulations!10m

Get Your Course Certificate10m

8 practice exercises

Lesson 4-2 Practice Quiz8m

Lesson 4-3 Practice Quiz8m

Lesson 4-4 Practice Quiz8m

Lesson 4-5 Practice Quiz8m

Lesson 4-6 Practice Quiz6m

Lesson 4-7 Practice Quiz10m

Appendix 1 Practice Quiz

Short-Term Assets Quiz20m

Reviews

4.7

942 reviews

5 stars
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4 stars
17.43%
3 stars
2.37%
2 stars
0.70%
1 star
0.60%

TOP REVIEWS FROM FINANCIAL ACCOUNTING: FOUNDATIONS

by CSMay 19, 2020

It could be easier for students to have acces to a link with the support material (laws, USGAAP/IFRS, text books) in each video in order to verify and save the documentary support of the class

by SWJun 11, 2021

Thank you Professor Oktay Urcan! I found this course very useful as it provided lots of real cases of Financial Statements for us to work on. Highly recommended this course.

by EFeb 20, 2021

i really admire the way the topics are coverd and well explained with helping exercises ,i am glade i take time in this course much interest for more advanced courses with oktay

by YRJun 11, 2020

This course is very helpful for me to understand the process of financial reporting. I learn a lot of new terms in the financial accounting. I hope it will be useful for my future study.

View all reviews

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

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Financial Accounting: Foundations

About this Course

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