Financial Accounting: Foundations

This course will teach you the foundations of financial accounting information. This course will give you a basic overview of financial accounting information and the major financial statements. Then, you will learn how to code financial transactions using financial accounting language. In the meantime you will be introduced to accrual accounting, which is the most important concept in modern financial accounting. The course will allow you to critically examine how companies recognize revenue. The course will end with an accounting for short-term assets analysis. This will allow you to examine how companies account for inventories and accounts receivables.

After completing this course successfully, you will be able: * Understand the main financial statements and their financial information * Write a financial transaction using financial accounting language and understand its impact on main financial statements. * Understand how revenue recognition principles work and how they impact main financial reports. * Account for receivables. This course is part of iMBA, an online MBA that offers flexibility and accreditation at a very affordable price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.