Brief Introduction
Learn the steps and procedures of the accounting cycle in accordance with industry rules and regulations. Develop skills needed to understand and analyze financial accounting information and communicate information to stakeholders.
Description
Every business has a story. Accounting tells the financial story of a business. How much profit does the company make? Can the company afford to grow or pay its employees more? What are its assets and liabilities? Is the company in good credit or an investment risk? These types of questions can be answered through the use and understanding of the stories that financial statements tell.
In this course, you will explore standard business activities and follow them through to the financial statement phase to determine how those activities then contribute to the company’s profits. After taking this class, you should be able to:
- Record and present financial information by applying the appropriate framework and guidelines of accounting for business transactions including:
- Creating various financial statements based on various forms of financial data.
- Analyzing financial data to inform decision-making using a given framework.
- Explaining financial information to stakeholders to support business practices.
- Determine asset accounts and their disclosure in the financial statements by:
- Applying valuation methods to value account inventory
- Determining account values
- Developing financial statements
- Determine liability and equity accounts and their disclosure in the financial statements by:
- Identifying types of liabilities
- Distinguishing between current and long-term liabilities
- Evaluating financial impacts of long-term debt
- Explaining the difference between retained earnings and owners' equity
Coaching
If you are enrolled in the verified track (paid track) in any course that is a part of a MicroBachelors program, including this course, you are eligible for coaching at no additional cost. Please note that coaching is only available via SMS to U.S. phone lines.
Our coaches (real humans) are ready to help you with career exploration, navigating resources, staying motivated, and solving problems along the way to your goals.
Learn more about the value of coaching directly from one of our coaches, Erin.
Knowledge
- Record financial transactions according to industry standards
- Prepare financial statements aligned with industry practices
- Analyze the results of transactions and statements
- Report financial information to appropriate stakeholders
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