Understanding Financial Statements Company Position

This course is designed to provide a basic understanding of financial statements with an emphasis on the balance sheet. However, to understand accounting driven financial statements, it is important to recognize that accounting is less about counting and more about measuring. “What is it that is being measured?” Well, as the course unfolds, you will learn about the three measurement questions and how the balance sheet helps to answer the first two of these questions. By touring a real company and interviewing real business people, the course describes the basic content of financial statements in a simple yet relevant context. The goal of the course is to leave a lasting impression about what balance sheet consists of and what it reveals. The next course in the Fundamentals of Accounting Specialization completes the conversation by addressing the remaining measurement question.Upon successful completion of this course, you will be able to: • Describe the purpose of a balance sheet. • Define the three components of a balance sheet. • Recognize and understand the meaning of several items typically presented on a balance sheet. • Explain the broader purpose of financial statements and the role of accounting in producing the financial statements. • Read and, to some extent, interpret real-world balance sheets.

If you enjoy this business course and are interested in an MBA, consider applying to the iMBA, a flexible, fully-accredited online MBA at an incredibly competitive price offered by the University of Illinois. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

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Syllabus

Syllabus - What you will learn from this course
Week 1
Course Orientation
Module 1: What Is Accounting and Why Are Financial Reports Important?
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
Week 2
Module 2: Assets – What Do You Own?
This module will introduce you to the basics of financial statements by emphasizing the links between accounting, measurement, and financial statements.
Week 3
Module 3: Liabilities – What Do You Owe?
This module will explain the basics of the balance sheet, provide a working definition of assets, and give you an overview of assets typically presented on the balance sheet.
Week 4
Module 4: Equity and How the Balance Sheet Fits Together
This module will introduce you to the concept of liabilities and explain what they are and how they can arise.

FAQ

When will I have access to the lectures and assignments?

Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:

The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.

The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.

What will I get if I subscribe to this Specialization?

When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

Is financial aid available?

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

Reviews

Great course! Mr Jackson put a lot of effort into the construction of the class and explained everything in detail so that you get a solid understanding of the Balance Sheet

Great course, it teaches you a lot in a simple way. The material is presented to you in a easy to follow format, with lots of supplemental material.

I never thought I would enjoy learning about balance sheets so much! I found this course engaging, educational, and I was motivated to continue to learn and progress during the course.

This Course was very enjoyable partaking. I had an accounting experience but this course took me into deep specifically the practical sessions. Its free and lets all get involved.