Understanding Financial Statements: Company Position
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Understanding Financial Statements: Company Position
This course is part of Fundamentals of Accounting Specialization
Instructor: Kevin E. Jackson
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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.
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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 videos•Total 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 readings•Total 70 minutes
- Syllabus•10 minutes
- About the Discussion Forums•10 minutes
- Glossary•10 minutes
- Updating Your Profile•10 minutes
- Social Media•10 minutes
- Module 1 Overview•10 minutes
- Lessons 1 & 2 Readings•10 minutes
4 assignments•Total 120 minutes
- What Is Accounting and Why Are Financial Reports Important? Quiz•30 minutes
- Orientation Quiz•30 minutes
- Lesson 1-1 Practice Quiz•30 minutes
- Lesson 1-2 Practice Quiz•30 minutes
1 discussion prompt•Total 10 minutes
- Getting to Know Your Classmates•10 minutes
1 plugin•Total 15 minutes
- Demographic Survey•15 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 videos•Total 23 minutes
- 2-1. The Balance Sheet – Current Assets•12 minutes
- 2-2. The Balance Sheet – Non-Current Assets•12 minutes
2 readings•Total 20 minutes
- Module 2 Overview•10 minutes
- Module 2 Readings•10 minutes
3 assignments•Total 90 minutes
- Assets – What Do You Own? Quiz•30 minutes
- Lesson 2-1 Practice Quiz•30 minutes
- Lesson 2-2 Practice Quiz•30 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 videos•Total 24 minutes
- 3-1. The Balance Sheet – Liabilities Part 1•11 minutes
- 3-2. The Balance Sheet – Liabilities Part 2•14 minutes
2 readings•Total 20 minutes
- Module 3 Overview•10 minutes
- Module 3 Readings•10 minutes
3 assignments•Total 90 minutes
- Liabilities – What Do You Owe? Quiz•30 minutes
- Lesson 3-1 Practice Quiz•30 minutes
- Lesson 3-2 Practice Quiz•30 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 videos•Total 18 minutes
- 4-1. The Balance Sheet – Equity Part 1•13 minutes
- 4-2. The Balance Sheet – Equity Part 2•5 minutes
- Learn on Your Terms•1 minute
3 readings•Total 30 minutes
- Module 4 Overview•10 minutes
- Module 4 Readings•10 minutes
- Congratulations on completing the course!•10 minutes
3 assignments•Total 120 minutes
- Equity and How the Balance Sheet Fits Together Quiz•60 minutes
- Lesson 4-1 Practice Quiz•30 minutes
- Lesson 4-2 Practice Quiz•30 minutes
1 peer review•Total 60 minutes
- Company Position Peer Review Assignment •60 minutes
1 discussion prompt•Total 10 minutes
- Final Reflections•10 minutes
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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.
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.
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
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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.
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