10 Small Business Bookkeeping Tips
November 29, 2023
Article
This course is part of Fundamentals of Accounting Specialization
Instructor: Kevin E. Jackson
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(769 reviews)
(769 reviews)
Describe the purpose of an income statement and define its basic components.
Recognize and understand the meaning of several items typically presented on an income statement.
Explain the broader purpose of financial statements and the role of accounting in producing financial statements.
Read and, to some extent, interpret real-world income statements.
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This course is designed to provide a basic understanding of financial statements with an emphasis on the income statement. Building on the foundation formed in the first course, you will learn about the third of our three measurement questions and how the income statement helps to answer this final measurement question. Returning to the real business people introduced in the first course, this second course describes the basic content of income statement in a simple yet relevant context. The course ends by summarizing many of the lessons learned in both courses to leave you with a lasting impression about what financial statements are and how accounting can work for you. We all know that accounting is “the language of business”; let’s make learning this language engaging, and perhaps even fun!
Upon successful completion of this course, you will be able to: • Describe the purpose of an income statement. • Define the basic components of an income statement. • Recognize and understand the meaning of several items typically presented on an income statement. • 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 income statements. 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.
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.
5 readings1 assignment1 discussion prompt1 plugin
This module introduces you to the primary components of the income statement by focusing on the concepts of revenue and cost of goods sold.
2 videos2 readings3 assignments
This module discusses examples of other income and expenses included in a typical income statement and introduces you to the statement of cash flows.
2 videos2 readings3 assignments
This module highlights common notes to the financial statements and provides insights from an expert.
2 videos2 readings3 assignments
This module revisits what the first two courses of the Fundamentals of Accounting Specialization have covered and examines how ratio analyses can help you evaluate a company.
3 videos3 readings3 assignments1 peer review1 discussion prompt1 plugin
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Reviewed on Aug 16, 2017
Outstanding course. The instructor does an excellent job of simplifying complex ideas to make your learning and understanding more meaningful and easy to grasp.
Reviewed on Apr 11, 2020
This course is so good you all should go through this it gives very practical examples and makes all my doubts clear.
Reviewed on Oct 29, 2020
The course was informative and very easy to understand. Thank you so much Professor Kevin Jackson!
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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. If you only want to read and view the course content, you can audit the course for free.