Formal Financial Accounting | Coursera For Individuals For Businesses For Universities For Governments Explore Degrees ​ Log In Join for Free Join for Free Formal Financial Accounting About Modules Recommendations Testimonials Reviews Previous Next Browse Business Business Essentials Formal Financial Accounting Instructor: Oktay Urcan Enroll now 17,834 already enrolled Included with Coursera Plus •Learn more Ask Coursera Is this right for me? 5 modules Gain insight into a topic and learn the fundamentals. 4.8 383 reviews Beginner level No prior experience required Flexible schedule 1 week at 10 hours a week Learn at your own pace 97% Most learners liked this course 5 modules Gain insight into a topic and learn the fundamentals. 4.8 383 reviews Beginner level No prior experience required Flexible schedule 1 week at 10 hours a week Learn at your own pace 97% Most learners liked this course About Modules Recommendations Testimonials Reviews Previous Next What you'll learn Understand technical aspects of financial accounting. Have a command of knowledge on formal terminology of financial accounting. Record financial information in accounting language using T-accounts. Construct main financial statements from T-accounts. Skills you'll gain Financial Statements Technical Accounting Financial Accounting Accounts Receivable Ledgers (Accounting) Financial Reporting General Ledger Balance Sheet Depreciation Accounting Management Accounting Equities Inventory Accounting Balancing (Ledger/Billing) Accounting Records Property Accounting Bookkeeping Fixed Asset Show all Details to know Shareable certificate Add to your LinkedIn profile Assessments 14 assignments Taught in English 21 languages available See how employees at top companies are mastering in-demand skills Learn more about Coursera for Business There are 5 modules in this course 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 Course Orientation 2 hours to completeModule details 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. What's included 2 videos 5 readings 1 assignment 1 discussion prompt Show info about module content 2 videos•Total 2 minutes Welcome by Professor Urcan•2 minutes Learn on Your Terms•1 minute 5 readings•Total 50 minutes Syllabus•10 minutes About the Discussion Forums•10 minutes Online Education at Gies College of Business•10 minutes Update Your Profile•10 minutes Build a Learning Community with Social Media•10 minutes 1 assignment•Total 30 minutes Orientation Quiz•30 minutes 1 discussion prompt•Total 10 minutes Get to Know Your Classmates•10 minutes Module 1: Introduction to Financial Accounting Terminology 2 hours to completeModule details 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. What's included 4 videos 1 reading 4 assignments Show info about module content 4 videos•Total 19 minutes Lesson 1.0: Module 1 Introduction•1 minute Lesson 1.1: Transaction and Transaction Worksheet•4 minutes Lesson 1.2: T-Accounts, Debit, and Credit•7 minutes Lesson 1.3: Journal Entry, Ledger, Trial Balance•6 minutes 1 reading•Total 10 minutes Module 1 Overview•10 minutes 4 assignments•Total 120 minutes Introduction to Financial Accounting Terminology Quiz•30 minutes Lesson 1.1 Knowledge Check•30 minutes Lesson 1.2 Knowledge Check•30 minutes Lesson 1.3 Knowledge Check•30 minutes Module 2: Formal Financial Accounting for Assets 3 hours to completeModule details 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. What's included 4 videos 2 readings 4 assignments Show info about module content 4 videos•Total 24 minutes Lesson 2.0: Module 2 Introduction•1 minute Lesson 2.1: Accounts Receivables•12 minutes Lesson 2.2: Inventories•4 minutes Lesson 2.3: Plant, Property, and Equipment (PPE)•7 minutes 2 readings•Total 20 minutes Module 2 Overview•10 minutes Additional Resources•10 minutes 4 assignments•Total 120 minutes Formal Financial Accounting for Assets Quiz•30 minutes Lesson 2.1 Knowledge Check•30 minutes Lesson 2.2 Knowledge Check•30 minutes Lesson 2.3 Knowledge Check•30 minutes Module 3: Formal Financial Accounting for Liabilities and Shareholders’ Equity 2 hours to completeModule details 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. What's included 4 videos 1 reading 4 assignments Show info about module content 4 videos•Total 19 minutes Lesson 3.0: Module Introduction•1 minute Lesson 3.1: Short-Term Liabilities•6 minutes Lesson 3.2: Long-Term Liabilities•4 minutes Lesson 3.3: Shareholders’ Equity•8 minutes 1 reading•Total 10 minutes Module 3 Overview•10 minutes 4 assignments•Total 120 minutes Formal Financial Accounting for Liabilities and Shareholders’ Equity Quiz•30 minutes Lesson 3.1 Knowledge Check•30 minutes Lesson 3.2 Knowledge Check•30 minutes Lesson 3.3 Knowledge Check•30 minutes Module 4: Applications of Formal Financial Accounting 1 hour to completeModule details 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. What's included 2 videos 2 readings 1 assignment Show info about module content 2 videos•Total 15 minutes Lesson 4.0: Module 4 Introduction•1 minute Module 4 Application Example•14 minutes 2 readings•Total 20 minutes Module 4 Overview•10 minutes Get Your Course Certificate•10 minutes 1 assignment•Total 30 minutes Applications of Formal Financial Accounting Quiz•30 minutes Instructor Instructor ratings 4.8 (100 ratings) Oktay Urcan University of Illinois Urbana-Champaign 5 Courses•210,350 learners Offered by University of Illinois Urbana-ChampaignLearn more Explore more from Business Essentials RecommendedSpecializations Status: Free TrialFree Trial U University of Illinois Urbana-Champaign Financial Accounting: Foundations Course Status: Free TrialFree Trial U University of Illinois Urbana-Champaign Financial Accounting: Advanced Topics Course Status: PreviewPreview P Politecnico di Milano Fundamentals of financial and management accounting Course Status: Free TrialFree Trial I IESE Business School Accounting: Principles of Financial Accounting Course Show 8 more Why people choose Coursera for their career Felipe M. Learner since 2018 "To be able to take courses at my own pace and rhythm has been an amazing experience. I can learn whenever it fits my schedule and mood." Jennifer J. Learner since 2020 "I directly applied the concepts and skills I learned from my courses to an exciting new project at work." Larry W. Learner since 2021 "When I need courses on topics that my university doesn't offer, Coursera is one of the best places to go." Chaitanya A. "Learning isn't just about being better at your job: it's so much more than that. Coursera allows me to learn without limits." Learner reviews 4.8 383 reviews 5 stars 82.07% 4 stars 14.28% 3 stars 1.81% 2 stars 1.29% 1 star 0.51% Showing 3 of 383 J JY 5· Reviewed on Apr 9, 2021 The course ties in the other ones nicely. Its "final exam" was a great real-world application. It should've been combined with the other two classes though! J JN 5· Reviewed on Feb 9, 2018 Absolutely loved this course! It was a great compliment to the two other accounting classes I have taken J JG 5· Reviewed on Jul 6, 2020 Learn Very Interesting Financial Skills in Financial Sector. Thanks You. View more reviews Unlock access to 10,000+ courses with a subscription Start trial Advance your career with an online degree Earn a degree from world-class universities - 100% online Explore degrees Join over 4,700 global companies that choose Coursera for Business Learn more Frequently asked questions When will I have access to the lectures and assignments? Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). If you choose to explore the course without purchasing, you may not be able to access certain assignments. What is the refund policy? You will be eligible for a full refund until 2 weeks after your payment date. 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