InstantCREDIT Course

Financial Accounting


This course will serve as an introduction to financial accounting, starting with the basics about assets, liability, and equity and moving on to fundamental concepts like the accounting equation, debits and credits, the accounting cycle, and financial statements.

At a Glance

Course Value: 3 Credit Hours
Course Level: Lower-Level Undergraduate
Course Length: 69 lessons
🗎 Download Syllabus in Word Format

Course Outline

Click on a chapter name below to expand and see the lessons contained in that chapter.

Ch. 1: Basics of Financial Accounting
- 1: Introduction to Financial Accounting
- 2: Structures of a Business
- 3: Comparing Internal vs. External Users
- 4: Business Activities
- 5: Financial Statements
- 6: Elements of Financial Accounting
Ch. 2: Assets, Liability, and Equity
- 7: Assets
- 8: Liabilities
- 9: Equity
Ch. 3: The Double-Entry System and Conceptual Framework
- 10: Accounting Equation
- 11: Conceptual Framework
- 12: Double Entry Accounting System
- 13: Debits and Credits
- 14: Normal Balances and RED Accounts
Ch. 4: The Accounting Cycle
- 15: Journalizing and the Accounting Cycle
- 16: Posting to the General Ledger
- 17: Trial Balance
- 18: Adjusting Entries for Accrued Expenses
- 19: Adjusting Entries for Prepaid Expenses
- 20: Adjusting Entries for Unearned Revenue
- 21: Adjusting Entries for Accrued Revenue
- 22: Adjusting Entries for Amortization and Depreciation
- 23: Adjusted Trial Balance
- 24: Preparing the Financial Statements
- 25: Permanent vs. Temporary Accounts
- 26: Closing Entries
Ch. 5: Merchandise Inventory
- 27: Introduction to Merchandise Inventory
- 28: Periodic vs. Perpetual Inventory Systems
- 29: Journalizing Purchase Entries
- 30: Journalizing Sales Transactions
- 31: Preparing a Multiple-Step Income Statement
- 32: Periodic Inventory System Purchases
- 33: Periodic System and the Multiple-Step Accounting System
Ch. 6: Cost Flow Assumptions: FIFO, LIFO, and Average Cost Methods
- 34: Specific Identification Method and Inventory Costing
- 35: FIFO Method and Inventory Costing
- 36: Average Cost Method and Inventory Costing
- 37: The LIFO Method
- 38: Average Cost Method for the Perpetual System
- 39: Comparing Inventory Costing Methods
Ch. 7: Receivables and Bad Debts
- 40: Allowance Method and Uncollectibles
- 41: The Allowance Method
- 42: Percentage of Sales Method
- 43: Percentage of Receivables Method
- 44: Receivables Method and the Aging Table
- 45: Write Off Receivables Using the Allowance Method
- 46: Direct Write-Off Method
Ch. 8: Revenue Recognition
- 47: Revenue Recognition
- 48: Revenue Recognition Examples
- 49: Revenue Recognition and Long Term Contracts
- 50: Percentage of Completion Method
- 51: Percentage of Completion Method Journal Entries
- 52: Percentage of Completion Method and Journalizing Losses
- 53: Cost Recovery Method
- 54: Completed Contract Method and Journal Entries
- 55: Completed Contract Method and Losses
Ch. 9: Depreciation of Fixed Assets and Gains and Losses
- 56: Depreciation, Amortization and Depletion
- 57: Straight Line and Declining Balance Methods
- 58: Straight Line and Double Declining Balance Depreciation Examples
- 59: Gains and Losses on Disposals of Property, Plant & Equipment
Ch. 10: Intangible Assets
- 60: Intangible Assets
- 61: Amortizing Intangible Assets
- 62: Impairment of Intangible Assets
- 63: Recording Goodwill, Amortization and Impairment
Ch. 11: The Indirect Cash Flow Statement
- 64: Preparing a Cash Flow Statement Using the Indirect Method Part 1
- 65: Cash Flow Statement Using Indirect Method Part 2, Receivables
- 66: Cash Flow Statement Using Indirect Method Part 3, Inventory
- 67: Cash Flow Statement Using Indirect Method Part 4, Payables
- 68: Cash Flow Statement Using Indirect Method Part 5, Non Cash Expenses
- 69: Cash Flow Statement- Investing and Financing Activities

Course Requirements

All of our courses are scored on a 1,000 point scale. You must accumulate a total of 700 points in the course to pass the course. Below is the breakdown of how points are allocated:

Study Questions300 points
Graded Exam #1100 points
Midterm Exam200 points
Graded Exam #2100 points
Final Exam300 points

For additional details on the assignments, exams, and retake policies, check the syllabus for this course (link provided near the top of this page).

Exam Proctoring

The Final Exam for this course is administered in conjunction with a 3rd party online proctoring service, PSI Services' RPNow. RPNow proctoring allows you to take the exam on a desktop or laptop computer from anywhere you have internet access at any time, no scheduling required.

Proctoring costs $15 (paid directly to PSI Services at the time of the exam) and is ONLY required for the final exam.

Earning Credit for this Course

This course has been reviewed by ACE Credit and is recommended for 3 lower-level credit hours. Upon successful completion of this course, it will be added to your ACE transcript which is then sent to your school to be evaluated for transfer credit.

➡ Link to our ACE National Guide profile

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