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Financial Accounting




12 Weeks


About the Course

Get a Certificate in Financial Accounting

Are you someone who loves delving into numbers to uncover hidden insights, and making financial sense out of chaos? In this course, you will receive a comprehensive introduction to the exciting world of financial accounting.

Whether you are an aspiring financial accountant, or simply an interested individual who wishes to take control of your own personal or business finances, this course will equip you with a strong understanding of financial accounting methods and principles.

What to Expect

The Financial Accounting Certificate Course is an online learning program with recommended readings from the textbook (Principles of Accounting, Volume 1: Financial Accounting). This course is self-directed, which means you may study and complete assignments at times that are most convenient for you from the comfort of your own home.

This part-time Financial Accounting Certificate Course has a recommended completion date of 8 weeks from the start of the program, however, you may choose to complete the course in as little as 4 weeks or as long as 16 weeks, depending on your schedule.

The Financial Accounting Certificate Course has been created to allow you to complete it without teaching assistance. However, if you have questions or need assistance, you can receive help from a Faculty Member throughout the 8 weeks of the course. Your Faculty Member is a valuable resource person who can provide you with personal teaching assistance to help you succeed in the course.

Course Topics

The Financial Accounting Certificate Course has been developed to meet high academic standards, ensuring that as a graduate you can display with pride the Financial Accounting Certificate you will earn from the USILD

The Role of Accounting in Society

  • Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting

  • Identify Users of Accounting Information and How They Apply Information

  • Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities

  • Explain Why Accounting is Important to Business Stakeholders

  • Describe the Varied Career Paths Open to Individuals with an Accounting Education

Introduction to Financial Statements

  • Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate

  • Define, Explain, and Provide Examples of Current and Noncurrent Liabilities, Equity, Revenues, and Expenses

  • Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet

Analyzing and Recording Transactions

  • Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements

  • Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions

  • Define and Describe the Initial Steps in the Accounting Cycle

  • Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements

  • Use Journal Entries to Record Transactions and Post to T-Accounts

  • Prepare a Trial Balance

The Adjustment Process

  • Explain the Concepts and Guidelines Affecting Adjusting Entries

  • Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries

  • Record and Post the Common Types of Adjusting Entries

  • Use the Ledger Balances to Prepare an Adjusted Trial Balance

  • Prepare Financial Statements Using the Adjusted Trial Balance

Completing the Accounting Cycle

  • Describe and Prepare Closing Entries for a Business

  • Prepare a Post-Closing Trial Balance

  • Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity

  • Appendix: Complete a Comprehensive Accounting Cycle for a Business

Merchandising Transactions

  • Compare and Contrast Merchandising versus Service Activities and Transactions

  • Compare and Contrast Perpetual versus Periodic Inventory Systems

  • Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System

  • Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System

  • Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods

  • Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies

  • Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System

Accounting Information Systems

  • Define and Describe the Components of an Accounting Information System

  • Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders

  • Analyze and Journalize Transactions Using Special Journals

  • Prepare a Subsidiary Ledger

  • Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems

Fraud, Internal Controls, and Cash

  • Analyze Fraud in the Accounting Workplace

  • Define and Explain Internal Controls and Their Purpose within an Organization

  • Describe Internal Controls within an Organization

  • Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries

  • Discuss Management Responsibilities for Maintaining Internal Controls within an Organization

  • Define the Purpose of a Bank Reconciliation, and Prepare a Bank reconciliation and Its Associated Journal Entries

  • Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements

Accounting for Receivables

  • Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions

  • Account for Uncollectible Accounts Using the Balance Sheet and income Statement Approaches

  • Determine the Efficiency of Receivables Management Using Financial Rations

  • Discuss the Role of Accounting for Receivables in Earnings Management

  • Apply Revenue Recognition Principles to Long-Term Projects

  • Explain How Notes Receivable and Accounts Receivable Differ

  • Appendix: Comprehensive Example of Bad Debt Estimation


  • Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions

  • Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method

  • Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method

  • Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet

  • Examine the Efficiency of Inventory Management Using Financial Ratios

Long-Term Assets

  • Distinguish between Tangible and Intangible Assets

  • Analyze and Classify Capitalized Costs versus Expenses

  • Explain and Apply Depreciation Methods to Allocate Capitalized Costs

  • Describe Accounting for Intangible Assets and Record Related Transactions

  • Describe Some Special Issues in Accounting for Long-Term Assets

Current Liabilities

  • Identify and Describe Current Liabilities

  • Analyze, Journalize, and Report Current Liabilities

  • Defy and Apply Accounting Treatment for Contingent Liabilities

  • Prepare Journal Entries to Record Short-Term Notes Payable

  • Record Transactions Incurred in Preparing Payroll

Long-Term Liabilities

  • Explain the Pricing of Long-Term Liabilities

  • Compute Amortizations of Long-Term Liabilities Using the Effective-Interest Method

  • Prepare Journal Entries to Reflect the Life Cycle of Bonds

  • Appendix: Special Topics Related to Long-Term Liabilities

Corporation Accounting

  • Explain the Process of Securing Equity Financing through the Issuance of Stock

  • Analyze and Record Transactions for the Issuance and Repurchase of Stock

  • Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits

  • Compare and Contrast Owners’ Equity versus Retained Earnings

  • Discuss the Applicability of Earnings per Share as a Method to Measure Performance

Partnership Accounting

  • Describe the Advantages and Disadvantages of Organizing as a Partnership

  • Describe How a Partnership Is Created, Including the Associated Journal Entries

  • Compute and Allocate Partners’ Share of Income and Loss

  • Prepare Journal Entries to Record the Admission and Withdrawal of a Partner

  • Discuss and Record Entries for the Dissolution of a Partnership

Statement of Cash Flows

  • Explain the Purpose of the Statement of Cash Flows

  • Differentiate between Operating, Investing, and Financing Activities

  • Prepare the Statement of Cash Flows Using the Indirect Method

  • Prepare the Completed Statement of Cash Flows Using the Indirect Method

  • Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency

Your Instructor

Kelly Parker

Kelly Parker

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