About this Course
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Approx. 14 hours to complete

Suggested: 4 weeks of study, 4-6 hours/week...


Subtitles: English

Skills you will gain

Financial AccountingAccountingAccrualFinancial Statement

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 14 hours to complete

Suggested: 4 weeks of study, 4-6 hours/week...


Subtitles: English

Syllabus - What you will learn from this course

1 hour 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.

1 video (Total 2 min), 4 readings, 1 quiz
1 video
4 readings
About the Discussion Forums10m
Updating Your Profile10m
1 practice exercise
Orientation Quiz10m
2 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.

10 videos (Total 35 min), 2 readings, 5 quizzes
10 videos
M1L2V1: Balance Sheet Overview2m
M1L2V2: Balance Sheet: Assets5m
M1L2V3: Balance Sheet: Liabilities5m
M1L2V4: Balance Sheet: Shareholders’ Equity3m
M1L3V1: Income Statement4m
M1L4V1: Cash Flow Statement6m
Like this course? Learn more with the iMBA! (optional)1m
2 readings
Module 1 Overview10m
Module 1 Readings10m
5 practice exercises
Lesson 1-1 Practice Quiz10m
Lesson 1-2 Practice Quiz14m
Lesson 1-3 Practice Quiz8m
Lesson 1-4 Practice Quiz6m
Module 1 Graded Quiz14m
2 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.

4 videos (Total 38 min), 3 readings, 5 quizzes
3 readings
Module 2 Overview10m
Module 2 Readings10m
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
Module 2 Graded Quiz16m
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.

5 videos (Total 32 min), 2 readings, 6 quizzes
5 videos
M3L4V1: Conservatism Concept5m
M3L5V1: Revenue Recognition10m
2 readings
Module 3 Overview10m
Module 3 Readings10m
5 practice exercises
Lesson 3-2 Practice Quiz10m
Lesson 3-3 Practice Quiz10m
Lesson 3-4 Practice Quiz8m
Lesson 3-5 Practice Quiz10m
Module 3 Graded Quiz20m
2 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.

9 videos (Total 43 min), 2 readings, 8 quizzes
9 videos
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
2 readings
Module 4 Overview10m
Module 4 Readings10m
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
Module 4 Graded Quiz20m
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Top reviews from Financial Accounting: Foundations

By ADSep 4th 2017

Though I have been through Intro Accounting some 3 or 4 times through different classes and seminars, I still found myself learning from this detailed and straight forward presentation of information.

By ABSep 24th 2017




Oktay Urcan

Associate Professor of Accountancy
Department of Accountancy, College of Business

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.

About 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. ...

About the Financial Management Specialization

This Specialization covers the fundamentals of strategic financial management, including financial accounting, investments, and corporate finance. You will learn to evaluate major strategic corporate and investment decisions and to understand capital markets and institutions from a financial perspective, and you will develop an integrated framework for value-based financial management and individual financial decision-making. The Financial Management Specialization is part of the University of Illinois iMBA Program. Each course in this Specialization also fulfills a portion of the requirements for a University of Illinois course that can earn you college credit. When you complete the Financial Management Specialization, you will: · Have a solid foundation in developing an integrated framework for strategic financial decision-making. · Have a thorough understanding of financial statements and the financial information they provide, and be able to critically evaluate and analyze cash flows statements. · Understand the management and evaluation of portfolios and firm valuation techniques. · Understand how to incorporate risk and uncertainty into investment decisions and understand how companies make financing and investment decisions....
Financial Management

Frequently Asked Questions

  • Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.

  • 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.

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