Financial Accounting Fundamentals

Every business has a story. Accounting tells the financial story of a business. How much profit does the company make? Can the company afford to grow or pay its employees more? What are its assets and liabilities? Is the company in good credit or an investment risk? These types of questions can be answered through the use and understanding of the stories that financial statements tell.

In this course, you will explore standard business activities and follow them through to the financial statement phase to determine how those activities then contribute to the company’s profits. After taking this class, you should be able to:

• Record and present financial information by applying the appropriate framework and guidelines of accounting for business transactions including:

  • Creating various financial statements based on various forms of financial data.
  • Analyzing financial data to inform decision-making using a given framework.
  • Explaining financial information to stakeholders to support business practices.

• Determine asset accounts and their disclosure in the financial statements by:

  • Applying valuation methods to value account inventory
  • Determining account values
  • Developing financial statements

• Determine liability and equity accounts and their disclosure in the financial statements by:

  • Identifying types of liabilities
  • Distinguishing between current and long-term liabilities
  • Evaluating financial impacts of long-term debt
  • Explaining the difference between retained earnings and owners' equity

• Record financial transactions according to industry standards

• Prepare financial statements aligned with industry practices

• Analyze the results of transactions and statements

• Report financial information to appropriate stakeholders