Online Financial Accounting Courses To Enrol in 2024

Online Financial Accounting Courses To Enrol in 2024

6 mins readComment
Jaya
Jaya Sharma
Assistant Manager - Content
Updated on May 13, 2024 13:57 IST

Have you ever thought about how businesses manage their finances and prevent themselves from falling into financial trouble? Financial accounting helps companies in becoming financially stable. This branch of accounting involves recording, summarizing and reporting a company's business transactions through financial statements. Unlike management accounting, financial accounting is used for reporting to external parties whereas managerial accounting is meant for internal strategic planning.

financial accounting courses

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Why Learn Financial Accounting?

There are several reasons for which you should study financial accounting:

  • Through financial accounting courses, you will learn to understand, manage and report financial information for business or organization.
  • By enrolling in financial accounting courses, you will learn the method to use financial information for making crucial business decisions related to mergers and acquisitions, budgeting and investments. 
  • Those who have enrolled in financial accounting courses can protect their business from falling prey to legal implications by complying with regulations. 
  • Financial accounting courses teach you ways to file taxes on time in an accurate manner. This prevents unnecessary audits.
  • Those who take online financial accounting courses will learn to create budgets so that the company can monitor how its money is being used in different business activities.

What are the Objectives of Financial Accounting?

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List of Online Financial Accounting Courses

Here is a list of financial accounting courses starting from beginner level to advanced level:

1. Financial Accounting Courses For Beginners

Those who have no knowledge of this branch of accounting can enrol in introductory financial accounting courses. These courses teach you the basics so that you can build strong fundamentals.

1. Introduction to Financial Accounting: The Accounting Cycle Specialization

This introductory financial accounting course is for those who want to learn financial accounting from scratch. It will provide hands-on specialization in the accounting cycle using Microsoft Excel. The online financial management course will teach from analysis to recording the first financial transaction of the year.

2. Financial Accounting: Foundations

This financial accounting course explains the basic structure of financial statements and the financial information that they provide. Once you have taken this course, you will learn how to write financial transactions and how these transactions impact financial statements.

3. Financial Accounting Fundamentals

This introductory financial accounting course teaches the method to record transactions and use t-accounts for summarizing transactions that have been recorded during an accounting period. As the course progresses, you will learn to draw fundamental conclusions about the financial health of the company.

Scope of Financial Accounting: Uses and Limitations

2. Advanced Financial Accounting Courses

Those who are already aware of the fundamentals of financial accounting can enrol in the following courses to learn the advanced topics of this accounting branch:

1. Diploma in Financial Accounting, Auditing & Taxation

This course is an advanced diploma course in accountancy and taxation. You will learn financial decision-making as well as balance sheet analysis through this course. The curriculum of this advanced financial accounting course focuses on TDS, income tax, GST and e-filing. 

2. Financial Accounting and Analysis Course

This advanced financial accounting course explains financial statements in detail. It also explains the method of applying accounting principles related to its preparation. The course also covers the techniques used for financial statement analysis.

3. SAP FICO (Financial Accounting & Management Accounting)

After completing this advanced financial accounting course, you will learn about the end-to-end implementation process for configuring SAP FI and CO modules. Those enrolled in this course will identify and analyse business requirements for organisations for Record to Report process cycles. Accordingly, they will learn the process of configuring SAP FICO modules.

4. Advance Diploma in Financial Accounting & Business Taxation

NIFM offers this advanced financial accounting diploma to those who want to learn both financial accounting and business taxation in detail. This financial accounting course helps you get a 3-month paid internship to learn the details of this accounting branch. Those with a working knowledge of MS Office suite and have completed their graduation can enrol in this course.

5. Financial Accounting for Construction Projects

This financial accounting course reviews the three main financial statements from composition to their accurate interpretation. Those who want to gain basic financial accounting skills related to investment banking, trading, sales, equity research and private equity.

6. Decision Making using Financial Accounting

This financial accounting course helps in establishing theoretical and practical knowledge in financial accounting to make sound financial decisions. The course helps in developing skills for understanding, evaluating and using financial information to make business decision making. 

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Online Financial Accounting Course Syllabus

The table given below provides the syllabus of financial accounting courses:

Module

Topics

Introduction to Accounting

  1. Meaning, Functions, and Branches of Accounting
  2. Accounting Cycle
  3. Accounting Principles - Concepts & Conventions
  4. Accounting Equation
  5. Types of Accounts
  6. Rules of Debit & Credit

Accounting Process

  1. Analyzing transactions
  2. Recording transactions
  3. Posting to ledger
  4. Balancing the accounts
  5. Preparing Trial Balance

Finalization of Accounts

  1. Rectifying the erroneous entries
  2. Journalizing adjustment entries
  3. Preparing Adjusted Trial Balance
  4. Passing the closing or transfer entries
  5. Preparing financial statements

Financial Statement Analysis-I

  1. Categorization of ratios
  2. Financial ratios including Liquidity Ratios, Solvency Ratios, Structure Ratios, Leverage Ratios, and Coverage Ratios.
  3. Significance of these ratios
  4. Decomposition of ROA and ROE with Dupont Analysis
  5. Limitations of ratio analysis

Reconciliation of Books

  1. What is Bank Reconciliation?
  2. Reasons for reconciling the books
  3. Procedure or steps for reconciliation

Petty Cash Accounting

  1. Petty cash and its purpose
  2. Writing petty cash book
  3. Types of petty cash book
  4. Control over petty cash

Inventory Accounting

  1. Inventory accounting systems
  2. Inventory valuation methods
  3. Accounting for inventory
  4. Inventory and its impact on financial statements

Depreciation Accounting

  1. What is depreciation?
  2. Methods of depreciation
  3. Accounting for depreciation
  4. Impact of depreciation on cash flow and income tax

Analysis of Financing Liabilities

  1. Difference between operating and trade debt
  2. Debt issuance
  3. Effect of issuance of a debt with equity features
  4. Disclosures related to financing liabilities.
  5. Effect of changing interest rates on market value of debt and financial statements
  6. Retiring debt and debt covenants

Leases and Off-Balance-Sheet Debt

  1. Fundamentals of lease financing 
  2. Forms of off-balance-sheet financing
  3. Difference between operating and financial leases
  4. Impact of lease financing on accounting system
  5. Lease accounting calculations

Income Tax Analysis

  1. Accounting policies adopted by companies
  2. Effect on income of deferred tax liabilities and assets

Career Opportunities After Completing Financial Accounting Courses

Those who have completed financial accounting courses can build a career as the following:

  1. Public Accountant: Public accountants offer services including tax preparation, auditing, and consulting. 
  2. Consultant: Financial accountants can also work as consultants, to provide advice on areas such as financial strategies, cost reduction, and operational efficiency.
  3. Management Accountant: Financial accountants are familiar with regulatory requirements and compliance issues related to financial reporting. These professionals can, therefore, work as management accountants to record and analyze financial information for the companies where they are employed. 
  4. Auditor: They examine financial statements and records to ensure that financial documents are accurate and comply with regulations. 
  5. Forensic Accountant: These professionals evaluate businesses and projects to assess their performance and suitability for investment.
  6. Tax Accountants: These professionals prepare tax returns and offer advice on tax strategies and planning to minimize liabilities.
  7. Financial Analyst: Financial analysts evaluate businesses, projects, budgets, and other finance-related entities to determine their performance and suitability for investment.
  8. Chief Financial Officer (CFO): They manage the financial actions of a company, overseeing financial planning, risk management, record-keeping, and financial reporting.

What is the Difference Between Financial, Cost and Management Accounting?

Difference Between Cost Accounting and Financial Accounting

Difference Between Financial Accounting and Management Accounting

FAQs

How long does it typically take to complete a financial accounting course?

The duration of financial accounting courses vary. Introductory financial accounting courses may have a duration of a few weeks whereas advanced financial accounting courses may be in months.

What are the advantages of financial accounting courses?

Financial accounting courses helps in gaining an understanding of how financial decisions impact a company's financial health.

What are the prerequisites for financial accounting courses?

Most introductory financial accounting courses do not require prerequisites. However, for advanced financial accounting courses, you will require prior completion of basic accounting courses.

About the Author
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Jaya Sharma
Assistant Manager - Content

Jaya is a writer with an experience of over 5 years in content creation and marketing. Her writing style is versatile since she likes to write as per the requirement of the domain. She has worked on Technology, Fina... Read Full Bio