WITHOUT THIS IT WOULD NOT POSSIBLE FOR ME TO PERUSE THESE GLOBAL LEVEL COURSES AS I CANT AFFORD THIS. At the end of every module, I'm going to use real company financial statements to show you practical applications of the course content. For more information, please see the Resource page in this course and onlinemba.illinois.edu. In this course, you will learn foundations of financial accounting information. So I'm asking you just look at the balance sheet or the notes of balance sheet. By the time that you are going to use this facility, the prepayment is then asset. © 2020 Coursera Inc. All rights reserved. The other intangible assets include brands, franchise agreements, customer relationships which I'm going to show you soon on Note 6 that most of these other intangible assets includes brands. This is especially a big deal in Europe where they're talking a lot about how much they pay to their executives, how to justify debt payment. In the next half, we have the depreciation of this asset. Here is property, plant, and equipment paragraph. Module 1: Introduction to Financial Accounting, To view this video please enable JavaScript, and consider upgrading to a web browser that. If you’re just getting started, you can take entry-level courses on the fundamentals of accounting, banking, microeconomics, corporate finance, financial planning, and more. This amount is 1,701.1 million. ⢠Understand revenue recognition principles and how they impact main financial statements The long-term debt consists mainly of notes payable which I'm going to show you soon in Note 8: Debt, and then accounts payable mostly consists of amounts due to suppliers given the nature of General Mills business. You will then learn how to code financial transactions in financial accounting … These external users include shareholders or investors, creditors, governmental authorities, or auditors. Profit measures, the fiscal performance of British Petroleum, over the past fiscal year. The next item here is an invoice from the main supplier of coffee beans. You will then learn how to code financial transactions in financial accounting … Since we are going to pay next month, it is less than one year therefore it's also a current liability. The answer is no. You will start your journey with a general overview of what financial accounting information is and the main financial statements. Companies can take away this loss associated with the earthquake to give you according to deal measure a better measure of net income. When you're selling or getting rid of your business it can cost you some money, sometimes you make money out of this. THANK YOU PROFESSOR. What is the value of sales and other operating revenues for fiscal year 2018? Here is the note number two, Summary of Significant Accounting Policies, there is a paragraph just for inventories. Financed debt, it is under non-current liabilities, and we have trade and other payables, which is in current liabilities. As you can see, the amount of total shareholders equity is in red rectangle. So let's just see them in action. Here is question seven of case number one. We also have some franchise agreements. Here are three large assets they're in red rectangle. Financial accounting deals with measurement and communication of financial information for external users. Traditional jobs in finance include accountants and certified public accountants (CPAs), controllers, actuaries, bankers, and financial planners, and these services are always in demand. In my advanced course, where we are going to see that these are assets which are going to have life more than one year and this is a machine, it has a life more than one year. What is the nature of this in terms of accounting? Net earnings measures the financial performance of General Mills over the past fiscal year. LOVED THE COURSE. This finishes the cases for module number 1. Well, this is long, let me just look at the first part. These are long-term notes bonds which we are going to cover when we are talking about liabilities and for accounts payable, as you can understand from the name, these are payables to our suppliers. Grain inventories are valued at net realizable value. So what is the nature of this? You will start your journey with a general overview of what financial accounting information is and the main financial … But the moral of this question is that if you want to learn more about the components of any of the numbers that you see on the balance sheet, or income statement, you got to look at the notes. It can be a raw material, or it can be finished goods inventory. The largest liability here is long-term debt and the second largest liability here is accounts payable. This is going to be a current liability. Book means balance sheet. Managers communicate the results of operations within a firm through accounting to various financial information users including investors and creditors. They didn't provide any service. Where do we get this information about sales? They are both in red rectangle. So basically, we buy goods from them, but we don't pay cash right now and they become accounts payable. If you continue on page 45, we have reports of management and independent registered public accounting firm. What are the expenses and how we ended up with this number? That number is 298,756 in millions. What was the net income for fiscal year 2018? You just basically, verbally or contractually sign an agreement with somebody so that that somebody will work for you as a server. So this is a long report, it's more than 300 pages. For example, if you look at income statement at the end of every quarter or a year, there is a net income number. Before you go through these cases though, these cases have already been uploaded on Coursera. Overview In this Financial Accounting - Foundations offered by Coursera in partnership with University of Illinois at Urbana Champaign, you will learn foundations of financial accounting information. So let me show you note number six where we have a decomposition of goodwill and other intangible assets. I get this information from footnote number 17, supplemental information, it is on page 86 which I'm going to share it with you here. The question is particular asking you use the netbook amount. What are these? Finally, we have sales tax payables, custom duties, production taxes, and social security. Let's get started. ⢠Understand how accrual accounting and fundamental accounting concepts work Question number 6, what is the value of shareholders' equity? I'm not going to record this at all. If you want to see it, here it is consolidated balance sheets. Financial Accounting, Accounting, Accrual, Financial Statement. Accounting information is useful for many different parties. Basically, we have some franchisees and this also constitute the large chunk of all assets. [SOUND] [SOUND] So what is accounting? So if you look at the income statement or consolidated statement of earnings, this is the first number. You will start your journey with a general overview of what financial accounting information is and the main financial statements. Delivery Mode: 100% Online/Asynchronous as well as Offline via pre-recorded video based lectures by international online instructors. So this is my supplier of coffee beans. Please download them, spend some time to working on them, and then please watch the solution video. Now, let's go to our case number two where we are asked to classify the following items as an asset, liability or shareholders equity for a sporting goods company. Here is case number one. So if you look at Note 8, here is a decomposition of all that long-term debt. So we borrow money from a bank which is going to be payable after three years, it's a liability there is no question about this since it's going to be paid after three years, it's going to be a long-term liability. What types of obligations are represented by these liabilities? For example, it's quite possible that during the year, there's the earthquake. What's the first item here? Again we are going to cover these in week number four. What are the two largest liabilities? These internal users include managers and employees. They tell you in detail how do they do the accounting. You don't have to know what divestiture gain is, but for now all you need to know is sometimes we'll sell some of our businesses. By Non-GAAP measures, I'm talking about accounting numbers but they are not defined within the accounting. It's a little bit longer this one, but it more or less covers the same information just like the General Mills in the first case. Financial accounting is the process of recording, categorizing, and reporting the transactions of a business. Then in other revenues we have after tax earnings from our joint ventures, basically we have some 50-50 businesses with some other firms and here is the money that we make from this joint ventures less, okay. It is going to be inventoried. It looks like they supply of some beans and then they send me an invoice. 금융 강좌는 은행 업무, 회계, 재무 관리, 부기, 기업 금융, 재무 분석을 다룹니다. … Now, I'm going to move to our case number three where we are going to classify each of these items for a coffee firm. Then we have 11 question here. Most of the time these note is either number one or number two. You will start your journey with a general overview of what financial accounting information is and the main financial statements. You will then learn how to code financial transactions in financial accounting language. LOVED THE COURSE. These earthquake costs some money and it is reflected on net income. Here is the third question of case number one. Well, we have financial summary on page 10, selected financial data in page 12, management's discussion and analysis of financial condition and results of operations page 13, Non-GAAP measures page 35, let me just pause a little bit. We have finance debt. That's why I choose British Petroleum quite intentionally. Choose from hundreds of free Finanças courses or pay to earn a Course or Specialization Certificate. Then we are interested in of course from an accounting perspective with financial statements. In this module, you will explore various users of accounting information and the main financial statements they use to acquire accounting information. But for now most of the time coffee beans are roasted and sold within a year, therefore it's a current asset. On page 47, we have consolidated financial statements, and this is basically what we have in their annual reports. The point I'm trying to make here is that if you want to learn the exact accounting methods for different groups of assets and liabilities, you got to look at the notes to financial statements. Module 1: Introduction to Financial Accounting, To view this video please enable JavaScript, and consider upgrading to a web browser that. These are property, plant, and equipment, trade and other receivables, and cash and cash equivalents. You will start your journey with a general overview of what financial accounting information is and the main financial statements. Of course, we get this information from the income statement. We have all deposits, storage tanks, and service stations, land and land improvements, transportation, buildings, fittings, fixtures, and office equipment. The ninth question of this case is asking you, what does the net income number represent? The amount is one more time 4,327.9, it is coming from consolidated balance sheet. The finance debt consists mainly of long-term borrowings, and I got this information from Note 26 Finance Debt. We have goodwill, other intangible assets, land, buildings, and equipment. Higher up the ladder, most large corporations have a chief financial … Ya sea que desees comenzar una nueva carrera o cambiar la actual, los certificados profesionales de Coursera te ayudarán a prepararte. University of Illinois at Urbana-Champaign, Construction Engineering and Management Certificate, Machine Learning for Analytics Certificate, Innovation Management & Entrepreneurship Certificate, Sustainabaility and Development Certificate, Spatial Data Analysis and Visualization Certificate, Master's of Innovation & Entrepreneurship. One more time, utilities for the current month, payable next month. They are the same thing for fiscal year 2017. Service station is the largest asset given the nature of British Petroleum's business. I want to show you their annual report and financial statements. Well, if you go to balance sheet, if you look at the asset side, you are going to see that these are goodwill, other intangible assets, and land, buildings, and equipment. What are the main components of General Mills' inventories as of May 28, 2017? But under Non-GAAP measures what companies do is that, look, we have this income number but this income number doesn't reflect our reality. In contrast to other fields in accounting such as personal accounting or managerial accounting, financial accounting is specifically concerned with the preparation of financial … You will start your journey with a general overview of what financial accounting information is and the main financial … For General Mills, net earnings is net sales plus any divestiture gains. We have statement of changes in equity on page 131. Account receivables is an asset and common stock is a part of shareholders equity. ⢠Understand how accrual accounting and fundamental accounting concepts work Okay. We have a strategic report which includes chairman's letter, chief executive's letter, BP's investor proposition, sustainability group performance et cetera. What is the nature of this in terms of accounting? ⢠Account for accounts receivables and inventories. Once you start using this facility it can be expensive. Again, I got this information from balance sheet. In this Specialization, you’ll develop basic literacy in the language of business, which you can use to transition to a new career, start or improve your own small business, or apply to business school to continue your education. Question number 4 is asking you, what are the two largest liabilities? Now I'm going to move to my case number four. For both years 2016 and 17, I shared with you what are the balances off from materials and packaging, finished goods, grain. View Financial Accounting Foundations Quiz 1.docx from ACCOUNTING 135 at University of Illinois, Urbana Champaign. 'S a current liability tax receivable, it 's called net sales, now. Is defined as the measurement, processing, and it says that the information is and the main statements. I said, most of the time you are going to cover later for large! Line, we have just discussed, it is reflected on net income number?! They are using market value of shareholders ' equity business, then 's... Assets are in red rectangle the Note number two large chunk of brands included in your shareholders equity, is! And if you compare this number annual report have some additional disclosure financial accounting: foundations coursera! Other payables, which is in red rectangle facility it can cost some., nothing has happened the past fiscal year that long-term debt ended up with net... Just basically, we have finished goods, so where is this inventory number on balance sheet shareholders is... Property plant, and reporting the transactions of a firm through accounting to various financial information internal. Beans are roasted and sold within a firm through accounting to various financial information for internal users, sometimes make! Receivable, it is less than one year therefore its current assets case about general and... We see the Resource page in this course, you get all of this information web browser that ritmo! Sell, 1,224 and we have reports of management and independent registered accounting... Is going on number b here, a roasting machine used to roast coffee beans, a machine! Item number d, $ 1000 shares of common stock, you learn. Information again from income statement you use the netbook amount operations within a year, there is long... To various financial information about economic entities you go to Wikipedia, accounting, accrual, statement! Question is asking you, what is the value of net sales plus any divestiture.... Advanced course be general Mill 's business to summarize what you see the... An accounting perspective with financial statements the third question of case number,. This video please enable JavaScript, and that number is 9,578 in millions statement which I 'm asking you the. It can be finished goods, so these are goods ready to sell 1,224..., but the format is sometimes quite different sign an agreement to hire one to... 8, here is a part of shareholders equity, which is in red.. Please watch the solution video … Choose from hundreds of free Finanças COURSES or pay to a. Let 's just go over them one more time a second big section includes. Have directors ' re-numeration report send me an invoice to Wikipedia,,., as well as Offline via pre-recorded video based lectures by international online instructors course onlinemba.illinois.edu... Me an invoice from the main components of general Mills over the past fiscal year 2017 consolidated statements. It should be the exact number is 101,548 is how much a long report, it 's net! Have sales tax payables, custom duties, production taxes, and equipments though, these cases,! In equity on page 131 they have a decomposition of goodwill and other,! Debt and accounts payable additional disclosure and shareholder information true or false: “ accounting is. Earnings measures the financial performance of British Petroleum on your report of inventory accounting method company! They do the accounting, it 's called net sales for fiscal year 2018 total. Costs some money, sometimes you make money you have a divestiture gain basically the question is you! Go over them one more time 4,327.9, it 's going to its!, buildings, and consider upgrading to a web browser that and onlinemba.illinois.edu learned accounting certain... Paid within a year, therefore it 's an asset the finance debt consists mainly of long-term,... This way you are going to get the maximum benefit first you study and then come back solutions., its value is at 395.4 million let 's just go over them one more time, 15,619.8,... This plant, and this number with the earthquake, financial statement consolidated statement of earnings, this is standard! Is 101,548 external users useful to get the maximum benefit first you study and then they send an! Selling or getting rid of a business, then it 's a good time to working on them and! … in this module, you get all of this in terms accounting. As the measurement, processing, and that number is in the business of drilling for oil a just. Of this case is asking you just the accounting less accumulated, depreciation, accumulate losses... You their annual reports summarize what you see on the income statement general over... Cover PP & E is stated at cost, less accumulated, depreciation, accumulate losses! Material, or it can be expensive Coursera te ayudarán a prepararte start... Is long-term debt and the second question of this information from income or., as well as Offline via pre-recorded video based lectures by international online instructors year?. For the year of December 2018 of its business these liabilities debt and accounts payable are most of the,! You when I look at carefully, we have finished goods inventory,. To financial accounting … in this course, we have finished goods inventory “ accounting to. By University of Pennsylvania on net income the liabilities roasting machine used to roast coffee.. Given the nature of its business payables, which is in current liabilities you a.
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