What is financial accounting, and why is it important?

Financial accounting is the process of recording, categorizing, and reporting the transactions of a business. In contrast to other fields in accounting such as personal accounting or managerial accounting, financial accounting is specifically concerned with the preparation of financial statements for public use as required by banks, government regulators, shareholders, and other stakeholders. These statements typically include a company’s income statement (also known as a profit and loss or P&L statement), balance sheet, and statement of cash flows. Accurate financial accounting plays a critically important role in financial management, as these statements collectively provide an agreed-upon framework for both internal and external parties to evaluate the financial health of a company. As such, professionals in this field must have a rigorous understanding of accounting terminology and concepts as established in the Generally Accepting Accounting Principles (GAAP) that are standard in the U.S. - and potentially the International Financial Reporting Standards (IFRS), which are increasingly used by multinational corporations.

What kinds of careers can I have with a background in financial accounting?

Businesses of all kinds must produce financial statements in line with GAAP and IFRS methodologies, as required by taxation authorities as well as potential investors and lenders. Thus, accountants with the ability to organize and maintain financial records, rigorously apply financial accounting principles, and produce clear reports according to these standards are always in demand. According to the Bureau of Labor Statistics , accountants and auditors earned a median annual salary of $71,550 as of May 2019. These jobs are expected to grow as fast as other jobs in the economy, since they are dependent on the growth of businesses requiring their services. And, while entry-level positions may require only a bachelor’s degree in accounting, job prospects will be best for those with Certified Public Accountant (CPA) recognition, a masters of science in accountancy, or a master’s in business administration (MBA) with an accounting concentration.

Can I learn about financial accounting through online courses on Coursera?

Absolutely. Coursera offers a wide range of courses and Specializations in business and finance topics, including financial accounting, from top-ranked schools such as the University of Pennsylvania and the University of Virginia. You can even pursue a masters of science in accounting from the University of Illinois at Urbana-Champaign’s prestigious Gies College of Business - a top-three university in the field. Regardless of whether you’re a beginner looking for introductory-level education or a mid-career professional looking to dive deeper into a specific topic or pursue your master’s degree, Coursera lets you learn remotely on a flexible schedule that fits with your existing work or family life. And, with a lower tuition than on-campus alternatives, you don’t need to be an accounting expert (yet) to know that learning online is a smart decision for your own finances.

What skills or experience do I need to already have, before starting to learn financial accounting?

The skills and experience that you might need to have before starting to learn financial accounting could include having a strong interest in understanding financial statements and being comfortable working with numbers, spreadsheets, and income statements. To do this work, you might need to already have a good sense of financial discipline. This might include having organizational skills, paying close attention to detail, as well as being capable of both analytical and critical thinking. Because financial accounting involves preparing financial statements for companies to show their financial performance and status to interested outside parties, it's crucial that those working in financial accounting get the numbers absolutely correct.

What kind of people are best suited for roles that involve financial accounting?

The kind of people who are best suited for work that involves financial accounting may include those who are extroverted, sensing, thinking, and judging. It’s a personality type known as ESTJ. Being extroverted to learn financial accounting is helpful, as accountants often have to interface with CEOs, department heads, and business leaders, so communication skills are necessary. The sensing aspect means that you may learn to use all five senses to judge a situation well. A thinking person seeks to find logical explanations to problems and challenges, thus helping to make objective decisions. And having a judging aspect in your personality means that you may enjoy structure and organization in your life more than others. These personality characteristics have been shown to be in more than one-third of accountants.

How do I know if learning financial accounting is right for me?

You might know if learning financial accounting is right for you if you develop an interest in areas like budgets, numbers, and financial statements. If previous work has found you getting passionate about analyzing numbers in worksheets, journal entries, and general ledgers, then accounting might be an area to learn more about. Our world will always need people who can track financial figures, understand cash flows, and balance costs and expenses. Accounting may be right for you if you find yourself often seeking to manage the numbers in your home or business.

What are the benefits of taking an online Financial Accounting course?

Online Financial Accounting courses offer a convenient and flexible way to enhance your knowledge or learn new Financial Accounting skills. Choose from a wide range of Financial Accounting courses offered by top universities and industry leaders tailored to various skill levels.

What Financial Accounting courses are best for training and upskilling employees or the workforce?

When looking to enhance your workforce's skills in Financial Accounting, it's crucial to select a course that aligns with their current abilities and learning objectives. Our Skills Dashboard is an invaluable tool for identifying skill gaps and choosing the most appropriate course for effective upskilling. For a comprehensive understanding of how our courses can benefit your employees, explore the enterprise solutions we offer. Discover more about our tailored programs at Coursera for Business here .

Top Financial Accounting Courses - Learn Financial Accounting Online

Results for "financial accounting"

Status: Free
University of London
إدارة شركات المستقبل
Skills you'll gain: Leadership Development, Leadership and Management, Business Psychology, Human Resources, Business Process Management, Entrepreneurship, HR Tech, Human Learning
4.7
Rating, 4.7 out of 5 stars
99 reviews
Mixed · Course · 1 - 3 Months
Fundação Instituto de Administração
Gestão de Stakeholders, Ética e Sustentabilidade Empresarial
Skills you'll gain: Leadership and Management, Strategy, Business Analysis, Communication, Entrepreneurship, Network Security, Planning, Security Engineering, Security Software, Strategy and Operations
4.8
Rating, 4.8 out of 5 stars
25 reviews
Beginner · Course · 1 - 4 Weeks
Tecnológico de Monterrey
Liderazgo en la empresa familiar
Skills you'll gain: Leadership and Management, Strategy, Data Analysis, Business Analysis, Finance, Strategy and Operations, Decision Making
Advanced · Course · 1 - 3 Months
Fundação Instituto de Administração
Marketing e o Consumidor no Ambiente Digital
Skills you'll gain: Leadership and Management, Strategy, Strategy and Operations, Business Analysis, Communication, Data Analysis Software, Design and Product, Marketing, Media Strategy & Planning, Network Security, Entrepreneurship, Data Analysis, Planning
Beginner · Specialization · 3 - 6 Months
University of Illinois Urbana-Champaign
Conceptos y lenguaje de las organizaciones
Skills you'll gain: Leadership and Management, Strategy, Business Analysis, Communication, Entrepreneurship, Market Analysis, Strategy and Operations, Data Analysis
Beginner · Course · 1 - 3 Months
Ludwig-Maximilians-Universität München (LMU)
Competitive Strategy and Organization Design
Skills you'll gain: Strategy, Strategy and Operations, Leadership and Management, Marketing, Business Development, Business Design, Entrepreneurship, Human Resources, Organizational Development, Sales, Market Analysis, Product Strategy, Decision Making, Finance, Game Theory, Human Resources Operations, Innovation, Research and Design, Design and Product, Mergers & Acquisitions, Planning
4.7
Rating, 4.7 out of 5 stars
3.7K reviews
Intermediate · Specialization · 3 - 6 Months
University of California, Davis
Computational Social Science
Skills you'll gain: Big Data, Computational Thinking, Data Analysis, Machine Learning, Human Learning, Network Analysis, Machine Learning Algorithms, Social Media, Critical Thinking, Data Management, Natural Language Processing, Algorithms, Behavioral Economics, Network Architecture, Network Model, Probability & Statistics, Theoretical Computer Science, Applied Machine Learning, Computer Networking, Computer Programming, Data Model, Statistical Machine Learning, General Statistics, Graph Theory
4.6
Rating, 4.6 out of 5 stars
1K reviews
Beginner · Specialization · 3 - 6 Months
Google Cloud
Architecting Hybrid Cloud Infrastructure w/Anthos Français
Skills you'll gain: Business Analysis, C++ Programming, Critical Thinking, Data Analysis, Design and Product, Leadership and Management, Network Security, Strategy, Strategy and Operations, Cloud Computing, Continuous Delivery, Databases, Decision Making, Microsoft Excel, Behavioral Economics, Creativity, Data Management, Emotional Intelligence
Intermediate · Specialization · 3 - 6 Months
University of Colorado Boulder
Master of Science in Electrical Engineering
Skills you'll gain: Algorithms, Leadership and Management, Mathematics, Probability & Statistics, General Statistics, Problem Solving, Theoretical Computer Science, Computer Programming, Communication, Databases, Critical Thinking, Data Structures, Data Management, Estimation, Finance, Data Analysis, Design and Product, Research and Design, Systems Design, Mathematical Theory & Analysis, Database Design, Hardware Design, Writing, Data Model, Project Management, Strategy and Operations, Machine Learning, Probability Distribution, SQL, Computational Logic, Decision Making, Strategy, Database Theory, Database Administration, PostgreSQL, Computer Architecture, Operating Systems, Computational Thinking, Computer Programming Tools, Graph Theory, Planning, Process Analysis, Internet Of Things, Statistical Tests, Correlation And Dependence, Database Application, Financial Analysis, Statistical Analysis, Algebra, Business Communication, Machine Learning Algorithms, Product Management, Regression, Computer Networking, Agile Software Development, Business Analysis, Data Visualization, Product Design, Professional Development, Statistical Machine Learning, Accounting, Business Process Management, Cost Accounting, Creativity, Linear Algebra, Python Programming, Material Handling, People Management, Programming Principles, Statistical Programming, System Programming, Deep Learning, Calculus, Investment Management, Organizational Development, Risk Management, Computer Vision, Business Design, Entrepreneurship, Experiment, Performance Management, Product Development, Scrum (Software Development), System Security, Business Intelligence, Differential Equations, Exploratory Data Analysis, Financial Accounting, Network Security, Product Lifecycle, System Software, Visual Design, Cloud Computing, Microarchitecture, Financial Management, Graphic Design, Security Engineering, Applied Machine Learning, Big Data, Collaboration, Distributed Computing Architecture, Innovation, Market Analysis, Marketing, Network Architecture, Software Engineering, Software Testing, Amazon Web Services, Cloud Applications, Cloud Platforms, Cloud Standards, Security Strategy, Applied Mathematics, Budget Management, Leadership Development, Linux, Network Analysis, Operations Management, Store Management, Market Research, NoSQL, Software-Defined Networking, Cryptography, Data Mining, Negotiation, Product Strategy, R Programming, Dimensionality Reduction, Forecasting, Kubernetes, Business, Computer Science, Data Science, Data Warehousing, Java Programming, Resilience
Earn a degree
Degree · 1 - 4 Years
University of Colorado Boulder
Master of Science in Computer Science
Skills you'll gain: Algorithms, Leadership and Management, Mathematics, Probability & Statistics, General Statistics, Problem Solving, Theoretical Computer Science, Computer Programming, Communication, Databases, Critical Thinking, Data Structures, Data Management, Estimation, Finance, Data Analysis, Design and Product, Research and Design, Systems Design, Mathematical Theory & Analysis, Database Design, Hardware Design, Writing, Data Model, Project Management, Strategy and Operations, Machine Learning, Probability Distribution, SQL, Computational Logic, Decision Making, Strategy, Database Theory, Database Administration, PostgreSQL, Computer Architecture, Operating Systems, Computational Thinking, Computer Programming Tools, Graph Theory, Planning, Process Analysis, Internet Of Things, Statistical Tests, Correlation And Dependence, Database Application, Financial Analysis, Statistical Analysis, Algebra, Business Communication, Machine Learning Algorithms, Product Management, Regression, Computer Networking, Agile Software Development, Business Analysis, Data Visualization, Product Design, Professional Development, Statistical Machine Learning, Accounting, Business Process Management, Cost Accounting, Creativity, Linear Algebra, Python Programming, Material Handling, People Management, Programming Principles, Statistical Programming, System Programming, Deep Learning, Calculus, Investment Management, Organizational Development, Risk Management, Computer Vision, Business Design, Entrepreneurship, Experiment, Performance Management, Product Development, Scrum (Software Development), System Security, Business Intelligence, Differential Equations, Exploratory Data Analysis, Financial Accounting, Network Security, Product Lifecycle, System Software, Visual Design, Cloud Computing, Microarchitecture, Financial Management, Graphic Design, Security Engineering, Applied Machine Learning, Big Data, Collaboration, Distributed Computing Architecture, Innovation, Market Analysis, Marketing, Network Architecture, Software Engineering, Software Testing, Amazon Web Services, Cloud Applications, Cloud Platforms, Cloud Standards, Security Strategy, Applied Mathematics, Budget Management, Leadership Development, Linux, Network Analysis, Operations Management, Store Management, Market Research, NoSQL, Software-Defined Networking, Cryptography, Data Mining, Negotiation, Product Strategy, R Programming, Dimensionality Reduction, Forecasting, Kubernetes, Business, Computer Science, Data Science, Data Warehousing, Java Programming, Resilience
Earn a degree
Degree · 1 - 4 Years
University of Colorado Boulder
Master of Engineering in Engineering Management
Skills you'll gain: Algorithms, Leadership and Management, Mathematics, Probability & Statistics, General Statistics, Problem Solving, Theoretical Computer Science, Computer Programming, Communication, Databases, Critical Thinking, Data Structures, Data Management, Estimation, Finance, Data Analysis, Design and Product, Research and Design, Systems Design, Mathematical Theory & Analysis, Database Design, Hardware Design, Writing, Data Model, Project Management, Strategy and Operations, Machine Learning, Probability Distribution, SQL, Computational Logic, Decision Making, Strategy, Database Theory, Database Administration, PostgreSQL, Computer Architecture, Operating Systems, Computational Thinking, Computer Programming Tools, Graph Theory, Planning, Process Analysis, Internet Of Things, Statistical Tests, Correlation And Dependence, Database Application, Financial Analysis, Statistical Analysis, Algebra, Business Communication, Machine Learning Algorithms, Product Management, Regression, Computer Networking, Agile Software Development, Business Analysis, Data Visualization, Product Design, Professional Development, Statistical Machine Learning, Accounting, Business Process Management, Cost Accounting, Creativity, Linear Algebra, Python Programming, Material Handling, People Management, Programming Principles, Statistical Programming, System Programming, Deep Learning, Calculus, Investment Management, Organizational Development, Risk Management, Computer Vision, Business Design, Entrepreneurship, Experiment, Performance Management, Product Development, Scrum (Software Development), System Security, Business Intelligence, Differential Equations, Exploratory Data Analysis, Financial Accounting, Network Security, Product Lifecycle, System Software, Visual Design, Cloud Computing, Microarchitecture, Financial Management, Graphic Design, Security Engineering, Applied Machine Learning, Big Data, Collaboration, Distributed Computing Architecture, Innovation, Market Analysis, Marketing, Network Architecture, Software Engineering, Software Testing, Amazon Web Services, Cloud Applications, Cloud Platforms, Cloud Standards, Security Strategy, Applied Mathematics, Budget Management, Leadership Development, Linux, Network Analysis, Operations Management, Store Management, Market Research, NoSQL, Software-Defined Networking, Cryptography, Data Mining, Negotiation, Product Strategy, R Programming, Dimensionality Reduction, Forecasting, Kubernetes, Business, Computer Science, Data Science, Data Warehousing, Java Programming, Resilience
Earn a degree
Degree · 1 - 4 Years
University of Colorado Boulder
Master of Science in Data Science
Skills you'll gain: Algorithms, Leadership and Management, Mathematics, Probability & Statistics, General Statistics, Problem Solving, Theoretical Computer Science, Computer Programming, Communication, Databases, Critical Thinking, Data Structures, Data Management, Estimation, Finance, Data Analysis, Design and Product, Research and Design, Systems Design, Mathematical Theory & Analysis, Database Design, Hardware Design, Writing, Data Model, Project Management, Strategy and Operations, Machine Learning, Probability Distribution, SQL, Computational Logic, Decision Making, Strategy, Database Theory, Database Administration, PostgreSQL, Computer Architecture, Operating Systems, Computational Thinking, Computer Programming Tools, Graph Theory, Planning, Process Analysis, Internet Of Things, Statistical Tests, Correlation And Dependence, Database Application, Financial Analysis, Statistical Analysis, Algebra, Business Communication, Machine Learning Algorithms, Product Management, Regression, Computer Networking, Agile Software Development, Business Analysis, Data Visualization, Product Design, Professional Development, Statistical Machine Learning, Accounting, Business Process Management, Cost Accounting, Creativity, Linear Algebra, Python Programming, Material Handling, People Management, Programming Principles, Statistical Programming, System Programming, Deep Learning, Calculus, Investment Management, Organizational Development, Risk Management, Computer Vision, Business Design, Entrepreneurship, Experiment, Performance Management, Product Development, Scrum (Software Development), System Security, Business Intelligence, Differential Equations, Exploratory Data Analysis, Financial Accounting, Network Security, Product Lifecycle, System Software, Visual Design, Cloud Computing, Microarchitecture, Financial Management, Graphic Design, Security Engineering, Applied Machine Learning, Big Data, Collaboration, Distributed Computing Architecture, Innovation, Market Analysis, Marketing, Network Architecture, Software Engineering, Software Testing, Amazon Web Services, Cloud Applications, Cloud Platforms, Cloud Standards, Security Strategy, Applied Mathematics, Budget Management, Leadership Development, Linux, Network Analysis, Operations Management, Store Management, Market Research, NoSQL, Software-Defined Networking, Cryptography, Data Mining, Negotiation, Product Strategy, R Programming, Dimensionality Reduction, Forecasting, Kubernetes, Business, Computer Science, Data Science, Data Warehousing, Java Programming, Resilience
Earn a degree
Degree · 1 - 4 Years