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4,272 ratings

Oktay Urcan

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Make progress toward 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.

Coursera Labs

Includes hands on learning projects.

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Approx. 14 hours to complete

English

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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.

Coursera Labs

Includes hands on learning projects.

Learn more about Coursera Labs

Approx. 14 hours to complete

English

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

Try Coursera for Business

Instructor

Instructor rating

4.6/5 (876 Ratings)

Oktay Urcan

Professor of Accountancy

Department of Accountancy, College of Business

141,868 Learners

5 Courses

Offered by

University of Illinois at Urbana-Champaign

Get a head start on your degree

This course is part of the Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your coursework will count towards your degree learning and all of your progress will transfer with you.

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Syllabus - What you will learn from this course

Content Rating97%(17,684 ratings)

Week1

Week 1

2 hours to complete

Course Orientation

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

10 videos (Total 60 min), 4 readings, 5 quizzes

10 videos

M1L1V1: Introduction39sM1L1V2: What Is Accounting?1mM1L1V3: Components of Annual Reports3mM1L2V1: Balance Sheet Overview2mM1L2V2: Balance Sheet: Assets5mM1L2V3: Balance Sheet: Liabilities5mM1L2V4: Balance Sheet: Shareholders’ Equity3mM1L3V1: Income Statement5mM1L4V1: Cash Flow Statement6mModule 1 Case Video25m

4 readings

Module 1 Overview10mModule 1 Readings10mModule 1 Example Case Questions10mModule 1 Example Case Solutions10m

5 practice exercises

Lesson 1-1 Practice Quiz10mLesson 1-2 Practice Quiz14mLesson 1-3 Practice Quiz8mLesson 1-4 Practice Quiz6mIntroduction to Financial Accounting Quiz14m

Week2

Week 2

3 hours to complete

Module 2: Recording Transactions and Financial Statement Preparation

3 hours to complete

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

5 videos

M2L1V1: Overview8mM2L2V1: Example: Illinois Supermarket22mM2L3V1: Individual Accounts2mM2L4V1: Accrual Accounting5mModule 2 Case Video37m

5 readings

Module 2 Overview10mModule 2 Readings10mModule 2 Example Case Questions10mModule 2 Example Case Solutions10mAdditional Resources10m

5 practice exercises

Lesson 2-1 Practice Quiz8mLesson 2-2 Practice Quiz4mLesson 2-3 Practice Quiz4mLesson 2-4 Practice Quiz10mRecording Transactions and Financial Statement Preparation Quiz16m

Week3

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: Overview42sM3L2V1: Fundamental Accounting Concepts4mM3L3V1: Accruals Concept11mM3L4V1: Conservatism Concept5mM3L5V1: Revenue Recognition10mModule 3 Case Video25m

4 readings

Module 3 Overview10mModule 3 Readings10mModule 3 Example Case Questions10mModule 3 Example Case Solutions10m

5 practice exercises

Lesson 3-2 Practice Quiz10mLesson 3-3 Practice Quiz10mLesson 3-4 Practice Quiz8mLesson 3-5 Practice Quiz10mFundamental Accounting Concepts and Revenue Recognition Quiz20m

Week4

Week 4

4 hours to complete

Module 4: Short-Term Assets

4 hours to complete

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

11 videos

M4L1V1: Overview49sM4L2V1: Accounts Receivables: Cash Discounts3mM4L3V1: Accounts Receivables: Sales Returns3mM4L4V1: Accounts Receivables: Bad Debts5mM4L5V1: Accounts Receivables of Walmart4mM4L6V1: Inventories2mM4L7V1: Cost Flow Assumptions8mM4L8V1: Inventories of Walmart2mM4L9V1: Appendix 1: LIFO - FIFO Conversion12mModule 4 Case Video30mGies Online Programs3m

6 readings

Module 4 Overview10mModule 4 Readings10mModule 4 Example Case Questions10mModule 4 Example Case Solutions10mCongratulations!10mGet Your Course Certificate10m

8 practice exercises

Lesson 4-2 Practice Quiz8mLesson 4-3 Practice Quiz8mLesson 4-4 Practice Quiz8mLesson 4-5 Practice Quiz8mLesson 4-6 Practice Quiz6mLesson 4-7 Practice Quiz10mAppendix 1 Practice QuizShort-Term Assets Quiz20m

Reviews

4.7

987 reviews

5 stars
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4 stars
17.38%
3 stars
2.38%
2 stars
0.72%
1 star
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TOP REVIEWS FROM FINANCIAL ACCOUNTING: FOUNDATIONS

by ABSep 24, 2017

LOVED THE COURSE. THANKS TO COURSERA SO THAT THEY GRANT ME SCHOLARSHIP. WITHOUT THIS IT WOULD NOT POSSIBLE FOR ME TO PERUSE THESE GLOBAL LEVEL COURSES AS I CANT AFFORD THIS. THANK YOU PROFESSOR.

by LSJul 13, 2021

I really enjoyed this course. It is very engaging and the instructor explains all topics very well. the examples he presented were relevant and a good example of how to put theory into practice.

by CSMay 20, 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 HBMay 20, 2020

Thanks again Coursera for this course. I have learned a lot. Thanks to the Professor. But can you send me a Certificate of Completion as proof that I am done with this course. Thank you.

View all reviews

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Is financial aid available?
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Financial Accounting: Foundations

About this Course

Skills you will gain