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Understanding Financial Statements: Company Position

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Understanding Financial Statements: Company Position

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Gain insight into a topic and learn the fundamentals.
4.8

1,393 reviews

Beginner level
No prior experience required
Flexible schedule
1 week at 10 hours a week
Learn at your own pace
97%
Most learners liked this course

Gain insight into a topic and learn the fundamentals.
4.8

1,393 reviews

Beginner level
No prior experience required
Flexible schedule
1 week at 10 hours a week
Learn at your own pace
97%
Most learners liked this course

What you'll learn

  • Describe the purpose of a balance sheet and its three components.

  • 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.

Details to know

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Assessments

13 assignments¹

AI Graded see disclaimer
Taught in English

Build your subject-matter expertise

This course is part of the Fundamentals of Accounting Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
  • Learn new concepts from industry experts
  • Gain a foundational understanding of a subject or tool
  • Develop job-relevant skills with hands-on projects
  • Earn a shareable career certificate

There are 4 modules in 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 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.

In this module, 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. Then, we will introduce you to the basics of financial statements by emphasizing the links between accounting, measurement, and financial statements.

What's included

3 videos7 readings4 assignments1 discussion prompt1 plugin

3 videosTotal 24 minutes
  • Welcome to Understanding Financial Statements: Company Position!2 minutes
  • 1-1. What Is Accounting?14 minutes
  • 1-2. Why Are Financial Statements Important?8 minutes
7 readingsTotal 70 minutes
  • Syllabus10 minutes
  • About the Discussion Forums10 minutes
  • Glossary10 minutes
  • Updating Your Profile10 minutes
  • Social Media10 minutes
  • Module 1 Overview10 minutes
  • Lessons 1 & 2 Readings10 minutes
4 assignmentsTotal 120 minutes
  • What Is Accounting and Why Are Financial Reports Important? Quiz30 minutes
  • Orientation Quiz30 minutes
  • Lesson 1-1 Practice Quiz30 minutes
  • Lesson 1-2 Practice Quiz30 minutes
1 discussion promptTotal 10 minutes
  • Getting to Know Your Classmates10 minutes
1 pluginTotal 15 minutes
  • Demographic Survey15 minutes

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.

What's included

2 videos2 readings3 assignments

2 videosTotal 23 minutes
  • 2-1. The Balance Sheet – Current Assets12 minutes
  • 2-2. The Balance Sheet – Non-Current Assets12 minutes
2 readingsTotal 20 minutes
  • Module 2 Overview10 minutes
  • Module 2 Readings10 minutes
3 assignmentsTotal 90 minutes
  • Assets – What Do You Own? Quiz30 minutes
  • Lesson 2-1 Practice Quiz30 minutes
  • Lesson 2-2 Practice Quiz30 minutes

This module will introduce you to the concept of liabilities and explain what they are and how they can arise.

What's included

2 videos2 readings3 assignments

2 videosTotal 24 minutes
  • 3-1. The Balance Sheet – Liabilities Part 111 minutes
  • 3-2. The Balance Sheet – Liabilities Part 214 minutes
2 readingsTotal 20 minutes
  • Module 3 Overview10 minutes
  • Module 3 Readings10 minutes
3 assignmentsTotal 90 minutes
  • Liabilities – What Do You Owe? Quiz30 minutes
  • Lesson 3-1 Practice Quiz30 minutes
  • Lesson 3-2 Practice Quiz30 minutes

This module will build an intuition for what equity represents. It will also explain how the components of the balance sheet relate to one another.

What's included

3 videos3 readings3 assignments1 peer review1 discussion prompt

3 videosTotal 18 minutes
  • 4-1. The Balance Sheet – Equity Part 113 minutes
  • 4-2. The Balance Sheet – Equity Part 25 minutes
  • Learn on Your Terms1 minute
3 readingsTotal 30 minutes
  • Module 4 Overview10 minutes
  • Module 4 Readings10 minutes
  • Congratulations on completing the course!10 minutes
3 assignmentsTotal 120 minutes
  • Equity and How the Balance Sheet Fits Together Quiz60 minutes
  • Lesson 4-1 Practice Quiz30 minutes
  • Lesson 4-2 Practice Quiz30 minutes
1 peer reviewTotal 60 minutes
  • Company Position Peer Review Assignment 60 minutes
1 discussion promptTotal 10 minutes
  • Final Reflections10 minutes

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Instructor

Instructor ratings
4.8 (283 ratings)
University of Illinois Urbana-Champaign
2 Courses102,081 learners

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Learner reviews

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Showing 3 of 1393

BM
·

Reviewed on Aug 26, 2016

This course is a great introduction to understanding Balance Sheets and has been a big help to me in my job. I highly recommend this course and I really liked the Professor.

CD
·

Reviewed on Nov 20, 2017

Thanks for the awesome course. I understand more about the balance sheet and the basics of accounting and why it's necessary in the business world.

MH
·

Reviewed on May 22, 2016

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

Frequently asked questions

To access the course materials, assignments and to earn a Certificate, you will need to purchase the Certificate experience when you enroll in a course. 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.

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.

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.

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¹ Some assignments in this course are AI-graded. For these assignments, your data will be used in accordance with Coursera's Privacy Notice.