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Introduction to Financial Accounting: The Accounting Cycle

University of California, Irvine via Coursera Specialization

Overview

In this hands-on Specialization you will practice completing each step of the accounting cycle within Microsoft Excel, from analyzing and recording the first financial transactions of the year all the way through starting the new fiscal year. The skills covered in this course include recording in the journal, posting in the ledgers, preparing financial statements, recording and posting closing entries, as well as preparing trial balances.

Syllabus

Course 1: What is Financial Accounting?
- Students are introduced to the field of financial accounting through defining the foundational activities, tools, and users of financial accounting. Students learn to use the accounting equation and are introduced to the four major financial statements. Additional topics include ethical considerations, recording business transactions, and the application of credit/debit rules.

Course 2: Completing the Accounting Cycle
- Students prepare statements relevant to year end accounting processes synthesizing what they have learned in the previous two courses. Specific topics include adjusting entries, closing entries (with a focus on the adjustment to retained earnings), the preparation of an income statement, retained earnings statement, and a balance sheet, and the procedure for recording the four closing entries. Students will also learn how to prepare the post-closing trial balance.

Course 3: Recording in Journals & Posting in Ledgers
- This course covers the basic procedures involved in recording financial entries in Journals and Ledgers. Upon completing this course, you will be able to analyze and record various business transactions. You will also learn about the accounting cycle, posting transactions, accrual accounting, and cash accounting. You will also have the opportunity to practice these skills through a series of activities that provide real world experience.

Courses

Taught by

Andrea Eliassen

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