About the content
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.
- Week 1 - 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.
- Week 1 - 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 infor...
- Week 2 - 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 b...
- Week 3 - 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 refle...
- Week 4 - 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 ...
Associate Professor of Accountancy
Department of Accountancy, College of Business
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