Foundations of Financial Reporting

Foundations of Financial Reporting

This course is part of CPA Licensure Prep: Current Issues in Financial Reporting Specialization

Instructor: William Karalius

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4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

6 hours to complete

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

6 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

Analyze business transactions and record journal entries using the double-entry accounting system.
Prepare and interpret core financial statements and complete the accounting cycle through adjusting and closing entries.

Skills you'll gain

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This course is part of the CPA Licensure Prep: Current Issues in Financial Reporting Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

Learn new concepts from industry experts
Gain a foundational understanding of a subject or tool
Develop job-relevant skills with hands-on projects
Earn a shareable career certificate

There are 4 modules in this course

By the end of this course, you will be able to explain the foundations of financial reporting, apply the accounting equation, analyze transactions using debits and credits, and navigate the full accounting cycle from journal entry to financial statements. You will build the skills needed to interpret and prepare core financial statements—including the balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity—with accuracy and confidence.

This course walks you step by step through the mechanics behind financial reporting. You’ll begin with generally accepted accounting principles (GAAP) and the logic of accrual accounting, then move into transaction analysis, journal entries, ledger posting, trial balances, adjusting entries, and closing entries. Rather than memorizing rules in isolation, you’ll see how each step connects and feeds into the next. What makes this course unique is its structured, end-to-end approach. You won’t just learn definitions—you’ll understand how everyday business events are transformed into reliable financial statements used by investors, creditors, and management.

In this module, you'll explore the foundations of Generally Accepted Accounting Principles (GAAP). You'll learn about the creation and purpose of GAAP, along with some of GAAP's key fundamentals such as the accounting equation, debits and credits, and the accrual basis of accounting.

What's included

5 videos4 readings2 assignments

5 videos Total 31 minutes

Instructor Introduction and Course Overview 4 minutes
What is GAAP? 8 minutes
The Accounting Equation 6 minutes
Debits and Credits 7 minutes
Accrual Vs. Cash Basis of Accounting 7 minutes

4 readings Total 50 minutes

Course Outline 5 minutes
Understanding GAAP and the Accounting Equation 20 minutes
Debits & Credits 20 minutes
Review: Module Key Concepts 5 minutes

2 assignments Total 30 minutes

GAAP and the Accounting Equation 10 minutes
Module 1: Graded Assessment 20 minutes

In this module, you'll explore the major financial statements businesses compile with the help of accountants. Coverage within this module includes the balance sheet, the income statement, the statement of cash flows, and the statement of stockholders' equity. You'll learn what makes each financial statement so crucial in how a business reports on its financial health to internal and external users.

What's included

4 videos2 readings1 assignment

In this module, you'll explore the full accounting cycle from the initiation of a transaction, through its recording, and ultimately its presentation on the financial statements. You'll learn about how accountants analyze transactions, how they utilize journals, ledgers, and the trial balance, and you'll learn about significant adjusting and closing entries.

What's included

4 videos2 readings1 assignment

This final module brings everything together. You’ll review key concepts from the course and apply what you’ve learned to real-world business situations. By stepping back and looking across financial reporting basics, you’ll strengthen your ability to analyze GAAP applies to the measurement and communication of financial information to external parties—skills that are essential for accountants and business professionals alike.

What's included

1 video2 readings1 assignment

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Instructor

William Karalius

University of California, Santa Barbara

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Offered by

University of California, Santa Barbara

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Frequently asked questions

To access the course materials, assignments and to earn a Certificate, you will need to purchase the Certificate experience when you enroll in a course. You can try a Free Trial instead, or apply for Financial Aid. The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.

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.

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.