This course builds upon what you learned in Financial Accounting: Foundations and Financial Accounting: Advanced Topics and introduces you to formal foundations of financial accounting. The main purpose of the course is to familiarize you with technical terms in financial accounting, such as debit, credit and T-account. While knowledge on technical aspects of financial accounting is not necessary to understand and interpret financial statements, this knowledge is critical to be able to understand advanced topics in accounting. Formal Financial Accounting is a prerequisite course for the University of Illinois' iMSA program and the terminology we will cover will be used throughout the courses in iMSA program.
Offered By
Formal Financial Accounting
University of Illinois at Urbana-ChampaignAbout this Course
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Shareable Certificate
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Intermediate Level
Approx. 10 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Russian, English, Spanish
Could your company benefit from training employees on in-demand skills?
Try Coursera for BusinessFlexible 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.
Intermediate Level
Approx. 10 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Russian, English, Spanish
Could your company benefit from training employees on in-demand skills?
Try Coursera for Business
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.
Syllabus - What you will learn from this course
2 hours to complete
Course Orientation
In this module, you will become familiar with the course, your instructor, your classmates, and your learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
2 hours to complete
2 videos (Total 2 min), 5 readings, 1 quiz
2 hours to complete
Module 1: Introduction to Financial Accounting Terminology
Accounting is the language of business. Managers communicate results of operations within a firm through accounting to various financial information users including investors and creditors. The main purpose of this module is to familiarize you with technical terms in financial accounting such as debit, credit, and T-account.
2 hours to complete
4 videos (Total 19 min), 1 reading, 4 quizzes
3 hours to complete
Module 2: Formal Financial Accounting for Assets
One of the major components of a balance sheet is assets. Accounts receivables, inventories, and plant, property, and equipment constitute a major part of the 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
4 videos (Total 24 min), 2 readings, 4 quizzes
2 hours to complete
Module 3: Formal Financial Accounting for Liabilities and Shareholders’ Equity
The major sources of financing for many firms are liabilities and equity. Firms routinely finance their operations through various liabilities including accounts payables, bank loans, and bonds. They also raise funds from their investors through IPOs and SEOs. Finally, retained earnings (earnings earned but not distributed to investors) constitute a significant source of financing. Accounting for liabilities and shareholders’ equity will help you understand how formal financial accounting for liabilities and shareholders’ equity accounts are conducted.
2 hours to complete
4 videos (Total 19 min), 1 reading, 4 quizzes
1 hour to complete
Module 4: Applications of Formal Financial Accounting
The accounting cycle starts with financial transactions, and continues with journalizing these transactions and posting the journal entries on the ledger. At the end of the year, the trial balance is prepared. The final step is to prepare financial statements from trial balance numbers. This module will go over a comprehensive exercise, which will track the accounting cycle of a firm from its establishment until its fiscal year-end financial statements.
1 hour to complete
2 videos (Total 15 min), 2 readings, 1 quiz
Reviews
- 5 stars81.65%
- 4 stars14.20%
- 3 stars2.07%
- 2 stars1.47%
- 1 star0.59%
TOP REVIEWS FROM FORMAL FINANCIAL ACCOUNTING
by JYApr 9, 2021
The course ties in the other ones nicely. Its "final exam" was a great real-world application. It should've been combined with the other two classes though!
by NJMay 25, 2020
Its a good course overall. Especially for those who had Science stream in their high school and have taken Finance in their Undergrad
by YZApr 24, 2020
It's a good course if you took previously 2 courses "Financial Accounting Fundamentals and
Financial AccountingAdvanced Topics".
by NPJan 20, 2021
Very helpful and full of information. In my opinion it would be even better if it was a bit slower and a bit more analytical. My 4 stars is more like 4 stars and a half.
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