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
- Draw basic conclusions about a company's financial health
Financial Accounting Fundamentals
ofrecido por
University of Virginia
Acerca de este Curso
4.8
366 calificaciones
Qué aprenderás
How to use journal entries to record transactions and prepare and use t-accounts to summarize transactions recorded during an accounting period
The three most commonly used financial statements and how they fit together
How to prepare these financial statements based on transactions recorded during an accounting period
How to draw basic conclusions about a company's financial health
Habilidades que obtendrás
Financial AccountingAccountingFinancial StatementBalance Sheet
Programa - Qué aprenderás en este curso
Semana
1Introduction 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 (Total 65 minutos), 1 reading, 2 quizzes
14 videos
What Is Accounting?53s
3 Sets of Books3m
An Informational Role for Financial Accounting2m
Accounting Standards Inside the U.S.11m
Accounting Standards Outside the U.S.5m
The Financial Statements1m
The Financial Statements: A Framework3m
The Accounting Cycle2m
The Balance Sheet5m
Assets14m
Liabilities8m
Owners' Equity1m
The Balance Sheet: A Summary2m
1 lectura
Course Overview10m
2 ejercicios de práctica
Week 1 Practice Quiz36m
Week 1 Graded Quiz36m
Semana
2Introduction 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 (Total 61 minutos), 2 quizzes
13 videos
T-Accounts: A Tutorial4m
Journal Entries: A Tutorial3m
Recording Transactions: Example 15m
Recording Transactions: Example 24m
Recording Transactions: Example 36m
Recording Transactions: Your Turn10m
Introduction to TGS Year 15m
TGS Year 1: Transaction 16m
TGS Year 1: Transaction 24m
TGS Year 1: Transaction 32m
TGS Year 1: Transaction 41m
TGS Year 1: Transaction 5 and a Summary3m
2 ejercicios de práctica
Week 2 Practice Quiz36m
Week 2 Graded Quiz36m
Semana
3The 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 (Total 94 minutos), 2 quizzes
14 videos
Revenues5m
Expenses9m
The Income Statement: A Summary2m
Revenue and Expense Transactions: A Tutorial11m
Recording Revenue and Expense Transactions: Your Turn7m
TGS Year 1: Transaction 67m
TGS Year 1: Transaction 72m
TGS Year 1: Transaction 84m
Adjusting Entries: A Tutorial9m
Recording Adjusting Entries: Your Turn16m
TGS Year 1: Transaction 93m
TGS Year 1: Transaction 104m
TGS Year 1: Transaction 11 and a Summary4m
2 ejercicios de práctica
Week 3 Practice Quiz24m
Week 3 Graded Quiz24m
Semana
4The 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 (Total 108 minutos), 2 quizzes
16 videos
TGS Year 1: Preparing the Income Statement7m
TGS Year 1: Preparing the Balance Sheet6m
TGS Year 1: Revisiting the Financial Statement Framework2m
A Managerial Approach to Recording Transactions6m
Transactions from the Viewpoint of a Manager17m
Introduction to the Statement of Cash Flows6m
Explaining the Change in Cash: A Tutorial10m
TGS Year 1: Preparing the Operating Activities Section of the Statement of Cash Flows10m
TGS Year 1: Preparing the Investing Activities Section of the Statement of Cash Flows2m
TGS Year 1: Preparing the Financing Activities Section of the Statement of Cash Flows6m
Closing Entries40s
The Statement of Cash Flows: A Conceptual Understanding10m
TGS Year 1: Using the Direct Method to Prepare the Statement of Cash Flows6m
TGS Year 1: Using the Indirect Method to Prepare the Statement of Cash Flows8m
The Direct and Indirect Methods: A Summary3m
2 ejercicios de práctica
Week 4 Practice Quiz24m
Week 4 Graded Quiz24m
Instructor
Luann J. Lynch
Almand R. Coleman Professor of Business AdministrationDarden School of Business
Acerca de University of Virginia
A premier institution of higher education, The University of Virginia offers outstanding academics, world-class faculty, and an inspiring, supportive environment. Founded by Thomas Jefferson in 1819, the University is guided by his vision of discovery, innovation, and development of the full potential of students from all walks of life. Through these courses, global learners have an opportunity to study with renowned scholars and thought leaders.
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