Financial Accounting Fundamentals

About this course: This course will teach you the tools you'll need to understand the fundamentals of financial accounting. Concise videos, the financial records of a small business, and "your turn" activities guide you through the three most commonly used financial statements: the Balance Sheet, the Income Statement, and the Statement of Cash Flows. Beyond recording transactions, you'll learn how to prepare these financial statements, and read and analyze them to draw basic conclusions about a company's financial health. By the end of this course, you will be able to: - Use journal entries to record transactions; - Prepare and use t-accounts to summarize transactions recorded during an accounting period; - Describe the three most commonly used financial statements and how they fit together; - Prepare these financial statements based on transactions recorded during an accounting period; and - Draw basic conclusions about a company's financial health.

Who is this class for: This course is beginner level; it does not require any prior experience with accounting. It is designed for anyone with an interest in the fundamentals of financial accounting.

Created by:  University of Virginia

• Taught by:  Luann J. Lynch, Almand R. Coleman Professor of Business Administration

  Darden School of Business

Level Beginner Commitment 5 weeks of study, 1-3 hours/week Language English Hardware Req N/A How To Pass Pass all graded assignments to complete the course. User Ratings 4.8 stars Average User Rating 4.8See what learners said 课程作业

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Syllabus


WEEK 1


Introduction to Financial Accounting, the Financial Statements, and the Balance Sheet



During this first week, we’ll learn about the context for financial accounting, including the informational role it plays for both internal and external audiences. We’ll explain accounting standards, which ensure financial information is conveyed clearly and effectively. Finally, we’ll describe the three primary financial statements as part of a recurring accounting process, called the accounting cycle, and then dive into one of those statements: the Balance Sheet (BS).


14 videos, 1 reading, 1 practice quiz expand

1. Video: Introduction to the Course
2. 讨论提示: Introduce Yourself
3. 阅读: Course Overview
4. Video: What Is Accounting?
5. Video: 3 Sets of Books
6. Video: An Informational Role for Financial Accounting
7. Video: Accounting Standards Inside the U.S.
8. Video: Accounting Standards Outside the U.S.
9. Video: The Financial Statements
10. Video: The Financial Statements: A Framework
11. Video: The Accounting Cycle
12. Video: The Balance Sheet
13. Video: Assets
14. Video: Liabilities
15. Video: Owners' Equity
16. Video: The Balance Sheet: A Summary
17. 练习测验: Week 1 Practice Quiz

Graded: Week 1 Graded Quiz

WEEK 2


Introduction to Recording Transactions



After learning about the Balance Sheet, we’re ready to move on to using journal entries to record transactions, then t-accounts to summarize transactions recorded during an accounting period. We’ll apply those tools to record transactions for a fictional startup company, The Garden Spot, during its first year of operations (TGS Year 1). As we go along, we’ll also evaluate the effect of transactions on the balance sheet equation to ensure it remains balanced.


13 videos, 1 practice quiz expand

1. Video: Introduction to Recording Transactions
2. Video: T-Accounts: A Tutorial
3. Video: Journal Entries: A Tutorial
4. Video: Recording Transactions: Example 1
5. Video: Recording Transactions: Example 2
6. Video: Recording Transactions: Example 3
7. Video: Recording Transactions: Your Turn
8. Video: Introduction to TGS Year 1
9. Video: TGS Year 1: Transaction 1
10. Video: TGS Year 1: Transaction 2
11. Video: TGS Year 1: Transaction 3
12. Video: TGS Year 1: Transaction 4
13. Video: TGS Year 1: Transaction 5 and a Summary
14. 练习测验: Week 2 Practice Quiz
15. 讨论提示: Discuss Interesting and/or Challenging Items

Graded: Week 2 Graded Quiz

WEEK 3


The Income Statement, Revenue and Expense Transactions, and Adjusting Entries



Now that we’ve learned the fundamentals of recording transactions, we’re ready to dive into another financial statement: the Income Statement (IS). After learning about the Income Statement, we’ll record revenue and expense transactions, and summarize these transactions in a special account. Finally, we'll record adjusting entries in accordance with accrual accounting, prior to the preparation of the financial statements.


14 videos, 1 practice quiz expand

1. Video: Introduction to the Income Statement
2. Video: Revenues
3. Video: Expenses
4. Video: The Income Statement: A Summary
5. Video: Revenue and Expense Transactions: A Tutorial
6. Video: Recording Revenue and Expense Transactions: Your Turn
7. Video: TGS Year 1: Transaction 6
8. Video: TGS Year 1: Transaction 7
9. Video: TGS Year 1: Transaction 8
10. Video: Adjusting Entries: A Tutorial
11. Video: Recording Adjusting Entries: Your Turn
12. Video: TGS Year 1: Transaction 9
13. Video: TGS Year 1: Transaction 10
14. Video: TGS Year 1: Transaction 11 and a Summary
15. 练习测验: Week 3 Practice Quiz
16. 讨论提示: Discuss Interesting and/or Challenging Items

Graded: Week 3 Graded Quiz

WEEK 4


The Statement of Cash Flows, Financial Statement Preparation



After learning about the Income Statement, revenue and expense transactions, and adjusting entries, we’re ready to move on to preparing our end-of-period financial statements. We’ll prepare the Income Statement and Balance Sheet based on the transactions that have been recorded. Then, we’ll dive into the Statement of Cash Flows (SCF) and learn how to prepare that financial statement. Finally, we’ll briefly discuss closing entries, since we've been preparing them as we've been going along!


16 videos, 1 practice quiz expand

1. Video: Introduction to Financial Statement Preparation
2. Video: TGS Year 1: Preparing the Income Statement
3. Video: TGS Year 1: Preparing the Balance Sheet
4. Video: TGS Year 1: Revisiting the Financial Statement Framework
5. Video: A Managerial Approach to Recording Transactions
6. Video: Transactions from the Viewpoint of a Manager
7. Video: Introduction to the Statement of Cash Flows
8. Video: Explaining the Change in Cash: A Tutorial
9. Video: TGS Year 1: Preparing the Operating Activities Section of the Statement of Cash Flows
10. Video: TGS Year 1: Preparing the Investing Activities Section of the Statement of Cash Flows
11. Video: TGS Year 1: Preparing the Financing Activities Section of the Statement of Cash Flows
12. Video: Closing Entries
13. Video: The Statement of Cash Flows: A Conceptual Understanding
14. Video: TGS Year 1: Using the Direct Method to Prepare the Statement of Cash Flows
15. Video: TGS Year 1: Using the Indirect Method to Prepare the Statement of Cash Flows
16. Video: The Direct and Indirect Methods: A Summary
17. 练习测验: Week 4 Practice Quiz
18. 讨论提示: Discuss Interesting and/or Challenging Items

Graded: Week 4 Graded Quiz

WEEK 5


Transactions, Analysis of Financial Statements, and an Annual Report



During this last week, we’ll walk through the second year of operations for our fictional startup company, The Garden Spot (TGS Year 2), for additional practice recording transactions and preparing our end-of-period financial statements. Then, we’ll do some analysis of The Garden Spot’s financial statements. Finally, we’ll take a look at PepsiCo’s Annual Report as an example of reporting for a publicly traded U.S. company.


16 videos, 1 practice quiz expand

1. Video: Introduction to TGS Year 2
2. Video: TGS Year 2: Transactions 1-7
3. Video: TGS Year 2: Transactions 8-11
4. Video: TGS Year 2: Transactions 12-16
5. Video: TGS Year 2: Transactions 17-22
6. Video: TGS Year 2: The Financial Statements
7. Video: TGS Year 2: Preparing the Operating Activities Section of the Statement of Cash Flows
8. Video: TGS Year 2: Preparing the Investing Activities Section of the Statement of Cash Flows
9. Video: TGS Year 2: Preparing the Financing Activities Section of the Statement of Cash Flows
10. Video: TGS Year 2: Revisiting the Financial Statement Framework
11. Video: Analysis of the Income Statement
12. Video: Analysis of the Statement of Cash Flows
13. Video: Analysis of the Balance Sheet and a Summary
14. Video: PepsiCo's Annual Report
15. Video: PepsiCo's 10-K
16. 练习测验: Week 5 Practice Quiz
17. Video: Conclusion of the Course
18. 讨论提示: Mission Accomplished?

Graded: Week 5 Graded Quiz