Formal Financial Accounting
Master financial accounting terms like debit, credit, T-account. Essential for advanced topics & iMSA program.
Master financial accounting terms like debit, credit, T-account. Essential for advanced topics & iMSA program.
This course builds on Financial Accounting: Foundations and Advanced Topics, introducing formal foundations of financial accounting. It focuses on technical terms like debit, credit, and T-account, critical for understanding advanced accounting topics. The course covers accounting for assets, liabilities, and shareholders' equity, as well as the accounting cycle from transactions to financial statements. It's a prerequisite for the University of Illinois' iMSA program, offering practical applications through comprehensive exercises. Ideal for those seeking to strengthen their accounting fundamentals and prepare for advanced study.
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What you'll learn
Understand technical terms in financial accounting such as debit, credit, and T-account
Master the use of transaction worksheets and T-accounts
Learn formal accounting procedures for assets, liabilities, and shareholders' equity
Gain proficiency in journalizing transactions and posting to ledgers
Develop skills in preparing trial balances and financial statements
Apply accounting concepts through comprehensive exercises simulating a full accounting cycle
Skills you'll gain
This course includes:
1 Hours PreRecorded video
14 assignments
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FullTime access
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There are 5 modules in this course
This course provides a comprehensive introduction to formal financial accounting, focusing on technical terminology and concepts essential for advanced accounting studies. Students will learn about transaction worksheets, T-accounts, debits and credits, and the accounting cycle. The course covers accounting for assets (including accounts receivables, inventories, and fixed assets), liabilities (both short-term and long-term), and shareholders' equity. Through practical exercises, students will apply these concepts to track a firm's accounting cycle from establishment to year-end financial statements. This course serves as a crucial foundation for those pursuing advanced accounting studies or preparing for the University of Illinois' iMSA program.
Course Orientation
Module 1 · 1 Hours to complete
Introduction to Financial Accounting Terminology
Module 2 · 2 Hours to complete
Formal Financial Accounting for Assets
Module 3 · 2 Hours to complete
Formal Financial Accounting for Liabilities and Shareholders' Equity
Module 4 · 2 Hours to complete
Applications of Formal Financial Accounting
Module 5 · 1 Hours to complete
Fee Structure
Payment options
Financial Aid
Instructor
Professor of Accountancy at the University of Illinois specializing in mergers, acquisitions, and archival financial accounting.
Oktay Urcan is a Professor of Accountancy and the Academic Director of iDegrees at the University of Illinois Urbana-Champaign. He holds the Josef and Margot Lakonishok Faculty Fellowship and the Fred & Virginia Roedgers Faculty Fellowship in Accountancy. Urcan joined the university in 2014 after serving as an assistant professor at London Business School. His research focuses on archival financial accounting, particularly the relevance of accounting information in debt markets and accounting disclosures. He teaches courses such as "Accounting for Mergers and Acquisitions: Foundations" and "Financial Accounting: Advanced Topics." Urcan has received multiple accolades for his teaching excellence, including being listed among the Teachers Ranked as Excellent at Illinois.
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4.8 course rating
367 ratings
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