About this Course
4.6
36 ratings
9 reviews
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. The University of Illinois at Urbana-Champaign, consistently ranked as one of the nation's top three accounting programs, now offers a master’s in accounting at a very affordable tuition rate and is completely online. The iMSA is a full Master of Accountancy program and students graduate with a highly recognized master degree. Try an open course or two, then apply for admission into the credit-bearing version, as you may be eligible to take credit-bearing courses during the application process. If you are missing any prerequisites for the full degree, you can complete Coursera courses to demonstrate readiness and strengthen your application for the iMSA. For more information on this exciting online master's in accounting program, refer to this link: https://www.coursera.org/university-programs/imsa ...
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Calendar

Flexible deadlines

Reset deadlines in accordance to your schedule.
Intermediate Level

Intermediate Level

Clock

Approx. 7 hours to complete

Suggested: 3-5 hours/week...
Comment Dots

English

Subtitles: English...
Globe

100% online courses

Start instantly and learn at your own schedule.
Calendar

Flexible deadlines

Reset deadlines in accordance to your schedule.
Intermediate Level

Intermediate Level

Clock

Approx. 7 hours to complete

Suggested: 3-5 hours/week...
Comment Dots

English

Subtitles: English...

Syllabus - What you will learn from this course

Week
1
Clock
1 hour 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....
Reading
1 video (Total 2 min), 4 readings, 1 quiz
Reading4 readings
Syllabus10m
About the Discussion Forums10m
Update Your Profile10m
Build a Learning Community with Social Media10m
Quiz1 practice exercise
Orientation Quiz10m
Clock
1 hour 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....
Reading
4 videos (Total 19 min), 1 reading, 4 quizzes
Video4 videos
Lesson 1.1: Transaction and Transaction Worksheet4m
Lesson 1.2: T-Accounts, Debit, and Credit7m
Lesson 1.3: Journal Entry, Ledger, Trial Balance6m
Reading1 reading
Module 1 Overview10m
Quiz4 practice exercises
Lesson 1.1 Knowledge Check12m
Lesson 1.2 Knowledge Check12m
Lesson 1.3 Knowledge Check8m
Module 1 Graded Quiz20m
Week
2
Clock
2 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....
Reading
4 videos (Total 24 min), 2 readings, 4 quizzes
Video4 videos
Lesson 2.1: Accounts Receivables11m
Lesson 2.2: Inventories4m
Lesson 2.3: Plant, Property, and Equipment (PPE)7m
Reading2 readings
Module 2 Overview10m
Additional Resources10m
Quiz4 practice exercises
Lesson 2.1 Knowledge Check14m
Lesson 2.2 Knowledge Check10m
Lesson 2.3 Knowledge Check10m
Module 2 Graded Quiz20m
Week
3
Clock
1 hour 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....
Reading
4 videos (Total 19 min), 1 reading, 4 quizzes
Video4 videos
Lesson 3.1: Short-Term Liabilities6m
Lesson 3.2: Long-Term Liabilities4m
Lesson 3.3: Shareholders’ Equity7m
Reading1 reading
Module 3 Overview10m
Quiz4 practice exercises
Lesson 3.1 Knowledge Check10m
Lesson 3.2 Knowledge Check10m
Lesson 3.3 Knowledge Check10m
Module 3 Graded Quiz20m
Week
4
Clock
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....
Reading
2 videos (Total 15 min), 1 reading, 1 quiz
Video2 videos
Module 4 Application Example14m
Reading1 reading
Module 4 Overview10m
Quiz1 practice exercise
Module 4 Graded Quiz38m
4.6

Top Reviews

By AHDec 9th 2017

The lectures are great and easy to understand, and the examples are well explained and easy to follow. The professor explains the material in a very understandable way .

By JNFeb 10th 2018

Absolutely loved this course! It was a great compliment to the two other accounting classes I have taken

Instructor

Oktay Urcan

Associate Professor of Accountancy
Department of Accountancy, College of Business

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. ...

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 purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, 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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