Free online courseFinancial Accounting

Course Description

The course "Financial Accounting" offers an extensive and comprehensive exploration into the field of accounting. Spanning 27 hours and 2 minutes, this in-depth course falls under the broader category of Business Administration and specifically delves into Accounting.

Beginning with the foundational question, "What is Accounting?", the course provides an introduction to the discipline and sets the stage for a deeper understanding. The curriculum quickly transitions to an exploration of Generally Accepted Accounting Principles (GAAP), followed by the FASB's Conceptual Framework, helping learners to grasp the essential guidelines and standards that govern accounting practices.

From understanding the Accounting Principles and Assumptions, the journey deepens into core concepts such as the Accounting Equation, expressed as Assets = Liabilities + Equity. This fundamental equation is dissected further with practical applications and real-world scenarios.

Business transactions lie at the heart of financial accounting, and this course meticulously covers how to analyze them. Learners are guided through the preparation of financial statements, which is a critical skill for anyone entering the accounting profession. Different business structures, such as Partnerships, Corporations, and Proprietorships, are compared to elucidate their unique accounting implications.

Delving into basic yet crucial concepts, the course elucidates the role and structure of Accounts, the General Ledger, and the Chart of Accounts. The mechanics of T Accounts, debits, and credits are simplified, making these foundational concepts accessible even to novices.

The practical application of journal entries is another focal point. From preparing journal entries and posting to the General Ledger to dealing with Adjusting Journal Entries, learners are equipped to handle real-world accounting tasks with confidence.

The essential process of creating a Trial Balance is explained before moving into the intricacies of Adjusting Entries. This includes topics such as Prepaid Expenses, Depreciation, and Unearned Revenues, ensuring a robust understanding of these complex yet essential areas.

Revenue recognition, Cash Equivalents, Bank Reconciliation, and Account Receivables are some of the advanced topics that are tackled next. Learners are introduced to various methods of handling receivables, from Direct Write-off to Allowance methods.

The course also covers the comprehensive management of Fixed Assets, including Depreciation, Capitalization vs. Expensing, and the Disposal of Fixed Assets. Additionally, it delves into Partial Year Depreciation and Depletion Expense for Natural Resources.

Intangible Assets are given due attention, with explanations on Amortization and Asset Turnover. The exchange of Nonmonetary Assets is another critical topic, emphasizing its commercial substance.

Focus then shifts to Current and Payroll Liabilities, including detailed discussions on Unearned Revenues, Sales Taxes Payable, and Payroll accounting with comprehensive examples. Handling Contingent Liabilities and Corporate Bonds is covered extensively.

Long-term financial commitments, such as Notes Payable and various types of bonds, are explained. The methodology of Bond Amortization using the Effective Interest Method is also included.

The course offers insights into Corporate finance, explaining the intricacies of issuing Common and Preferred Stocks, Cash and Stock Dividends, and the statement of Retained Earnings. Comprehensive examples make these complex concepts clearer.

Investing and Financing activities within the Statement of Cash Flows, the intricacies of the Closing Process, and the preparation of a Classified Balance Sheet are explored. Accounting specific to Merchandising operations, including Inventory Management and Internal Control, wrap up this exhaustive course.