This course is designed to provide a basic understanding of financial statements with an emphasis on the income statement. Building on the foundation formed in the first course, you will learn about the third of our three measurement questions and how the income statement helps to answer this final measurement question. Returning to the real business people introduced in the first course, this second course describes the basic content of income statement in a simple yet relevant context. The course ends by summarizing many of the lessons learned in both courses to leave you with a lasting impression about what financial statements are and how accounting can work for you. We all know that accounting is “the language of business”; let’s make learning this language engaging, and perhaps even fun!Upon successful completion of this course, you will be able to:
• Describe the purpose of an income statement.
• Define the basic components of an income statement.
• Recognize and understand the meaning of several items typically presented on an income statement.
• 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 income statements.
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: How Did You Perform? Introducing the Income Statement
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: Finishing Out the Income Statement and Managing Cash
This module introduces you to the primary components of the income statement by focusing on the concepts of revenue and cost of goods sold.
Week 3
Module 3: Final Elements of Financial Statements
This module discusses examples of other income and expenses included in a typical income statement and introduces you to the statement of cash flows.
Week 4
Module 4: Wrapping Up Financial Statements and What Lies Ahead
This module highlights common notes to the financial statements and provides insights from an expert.
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:
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
Prof. Gary Hecht is quite challenging. You wonder whether he uses the testing information for
practise but either way you learn and understand the material he teachs.
Very easy to follow the course, but I think that you should consider adding more exercises to practice
Overall the course was good but my frustration lies in the fact that I am now unable to clear the clutter of these courses from my screen because I only audited the course. Why is this the case?
Good course that helpful for me to futher understand the financial statement on how the company performed
