BUS103: Introduction to Financial Accounting

Description

Accounting can be considered the language of business. If you are learning accounting for the first time, embracing its foundational concepts may be a challenging process. Mastery of accounting primarily rests in your ability to critically think through and synthesize the information as it applies to a given situation. You should approach the learning of accounting the same way you would approach learning a foreign language; It will take time and practice to ensure you remember the concepts. There are a number of sub-disciplines that fall under the umbrella of "accounting,” but in this course, we will be focused on financial accounting. Accounting as a business discipline can be viewed as a system of compiled data. The word data should not be confused with "information.” In terms of accounting, "data” should be viewed as the raw transactions or business activity that happens within any business entity. For example: Someone uses $30,000 of their savings to start a business. The use of these funds within the start of this new business is in fact data. Now that you have this data, what are you going to do with it? The answer to this question can be summed up in one word – accounting! Taking this data and transforming it into useful information is what happens when accounting is implemented within a business. The word information should be viewed as the communicated results of the data as it has happened in the business within a specified period of time. This information is used by decision makers to support how they determine specific courses of action within the business. This course introduces you to financial accounting in preparation for more advanced business topics within the business major. Recording financial information in a standard format allows managers, investors, lenders, stakeholders, and regulators to make appropriate decisions regarding their respective interests. In this course, the formats of focus will be identified as the Income Statement, the Balance Sheet, Statement of Cash Flows, and Statement of Shareholders’ Equity. In this course, you will learn how to compile and analyze these financial statements, determine the value of a firm, and compare the firm to its competitors.



More Ways to Learn Accounting

Accounting and Bookkeeping Course

High School - College | Online class

Don’t let numbers scare you! Learn the world of finance straight from the experts and bravely face your finances. Do you wish you had a better grasp on accounting? Everyone, whether you wish to...

$299

Introduction to Financial Accounting

College | Online class

Introduction to Financial Accounting is course 2 of 5 in the Business Foundations Specialization. In this Specialization, you’ll develop basic literacy in the language of business, which you can...

Free

Accounting and financial statements

College | Online class

Just keeping track of cash that goes in and out of a business doesn’t always reflect what’s going on. This tutorial compares cash and accrual accounting. Very valuable if you ever plan on starting...

Free

Become a Bookkeeper

College | Online class

Ready to begin a career in finance? Bookkeepers and accountants are in high demand, and are essential to the success of both small businesses and large corporations alike. This path will help you...

$20 monthly
Offers paid add-ons

Understanding Financial Statements: Company Performance

High School - College | Online class

Understanding Financial Statements: Company Performance is course 2 of 5 in the Fundamentals of Accounting Specialization. Accounting is the “language of business.” Being able to understand this...

Free
Offers paid add-ons

Accounting 1 (online)

High School | Online class

This online Accounting course provides students with an introduction to accounting concepts and principles, financial statements, internal control design, and accounting for partnerships. This...

$150
Offers paid add-ons

Fundamentals of Accounting

High School | Book, Online class

Fundamentals of Accounting provides students with an understanding of the basic concepts and procedures necessary for accounting. It focuses on two accounting cycles: one for a service business...

$150
Offers paid add-ons

Recordkeeping for Christian Stewardship

9th - High School | Book

The ability to make wise financial decisions and to manage finances well is invaluable. Almost every occupation involves some recordkeeping. We all need God’s help to wisely manage the resources He...

$74

Accounting Tutorials

College | Online resource

In this class, you will discover how to manage accounts and financial transactions to operate successful business. This course includes tons of interactive excercises to help you create accounts....

Free

BUS105: Managerial Accounting

College | Online class

If you have completed Saylor Academy’s BUS103: Introduction to Financial Accounting, you know that firms need to track various forms of data in order to report to investors, regulators, and...

Free

Accounting for Business Decision Making: Measurement and Operational Decisions

College | Online class

Accounting information is the lifeblood of the organization, as it facilitates and influences operational and strategic decisions intended to achieve organizational goals. Organizations benefit...

Free

Understanding Financial Statements: Company Position

College | Online class

About this Course 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...

Free

Accounting for Business Decision Making: Strategy Assessment and Control

College | Online class

Accounting information is the lifeblood of the organization, as it facilitates and influences operational and strategic decisions intended to achieve organizational goals. Organizations benefit...

Free

Become an Accounts Payable Officer

College | Online class

Kickstart your career in accounting and help companies run more effectively as an accounts payable officer. With this path, you’ll gain a solid foundation in accounting, finance, and cash flow, as...

$20 monthly
Offers paid add-ons

See all resources for Accounting