- Course Type CLEP
- Subject Business and Management
- Level Introductory
- Length 4 Weeks
- Effort 6 hours/Week
- Institution Modern States
ABOUT THIS COURSE
It covers the fundamentals taught in a first-semester undergraduate financial accounting course.
Our goal as creators of this course is to prepare you to pass the College Board’s CLEP examination and obtain college credit for free.
“Financial Accounting” is a completely self-paced course. It has no prerequisites and it is offered entirely for free.
Instructors
-
Dr. Brian P. Kelly, CFE, CFCIState University of New York - Farmingdale State College
Course Overview
Financial Accounting Course Overview - Modern States
| Module | Topic | Video Length | Reading Pages |
| Module 1: General Topics (20%-30%) 03:59:32 total video length 62 total reading pages |
1.0 Introduction | 0:01:01 | – |
| 1.1 Generally Accepted Accounting Principles (GAAP) | 0:07:17 | 6 | |
| 1.1.1 Summary | 0:22:31 | – | |
|
1.2 Rules of Double-Entry Accounting/Transaction Analysis/Accounting Equation
|
0:00:40 | – | |
| 1.2.1 Rules for Double-Entry Accounting | 0:02:58 | 5 | |
| 1.2.2 Rules of Transaction Analysis | 0:03:46 | 4 | |
| 1.2.3 Rules of the Accounting Equation | 0:04:31 | 11 | |
| 1.3 The Accounting Cycle | 0:05:51 | – | |
| 1.4 Business Ethics | 0:09:17 | 9 | |
|
1.5 Purpose of, Presentation of, and Relationships Between Financial Statements
|
0:00:44 | 11 | |
| 1.5.1 Purpose of Financial Statements | 0:04:08 | – | |
| 1.5.2 Presentation of Financial Statements | 0:04:24 | 4 | |
| 1.5.3 Relationships Between Financial Statements | 0:02:44 | 4 | |
| 1.6 Forms of Business | 0:08:24 | 8 | |
| Module 2: The Income Statement (20-30%) 00:52:21 total video length 47 total reading pages |
2.0 Introduction | 0:01:10 | – |
| 2.1 Presentation Format Issues | 0:09:25 | 11 | |
| 2.2 Recognition of Revenue and Expenses | 0:04:36 | 4 | |
| 2.3 Cost of Goods Sold | 0:09:25 | 12 | |
| 2.4 Irregular Items (e.g., Discontinued Operations, Extraordinary Items, etc.) | 0:04:31 | 10 | |
| 2.5 Profitability Analysis | 0:09:15 | 10 | |
| 2.6 Summary | 0:13:59 | – | |
| Module 3: The Balance Sheet (30-40%) 02:33:31 total video length 300 total reading pages |
3.0 Introduction | 0:02:04 | – |
| 3.1 Cash and Internal Controls | 0:06:45 | 11 | |
| 3.2 Valuation of Accounts/Notes Receivable (Including Bad Debts) | 0:00:29 | 37 | |
| 3.2.1 Valuation of Accounts Receivable | 0:07:45 | – | |
| 3.2.2 Valuation of Notes Receivable (Including Bad Debts) | 0:05:21 | 6 | |
| 3.3 Valuation of Inventories | 0:09:29 | 5 | |
| 3.4 Acquisition and Disposal of Long-Term Assets | 0:00:30 | 13 | |
| 3.4.1 Acquisition of Long-Term Assets | 0:03:54 | – | |
| 3.4.2 Disposal of Long-Term Assets | 0:05:44 | – | |
| 3.5 Depreciation/Amortization/Depletion | 0:00:34 | 16 | |
| 3.5.1 Depreciation | 0:07:26 | – | |
| 3.5.2 Amortization | 0:06:21 | – | |
| 3.5.3 Depletion | 0:06:06 | – | |
| 3.6 Intangible Assets (e.g., Patents, Goodwill, etc.) | 0:14:45 | 13 | |
| 3.7 Accounts and Notes Payable | 0:00:35 | 5 | |
| 3.7.1 Accounts Payable | 0:02:59 | – | |
| 3.7.2 Notes Payable | 0:05:11 | 39 | |
| 3.8 Long-term Liabilities (e.g., Bonds Payable) | 0:09:12 | 39 | |
| 3.9 Owner’s Equity | 0:03:33 | 5 | |
| 3.10 Preferred and Common Stock | 0:00:47 | 39 | |
| 3.10.1 Preferred Stock | 0:06:37 | – | |
| 3.10.2 Common Stock | 0:06:30 | – | |
| 3.11 Retained Earnings | 0:02:44 | 39 | |
| 3.12 Liquidity, Solvency, and Activity Analysis | 0:00:44 | 33 | |
| 3.12.1 Liquidity Analysis | 0:05:53 | – | |
| 3.12.2 Solvency Analysis | 0:04:14 | – | |
| 3.12.3 Activity Analysis | 0:06:02 | – | |
| 3.13.1 Summary | 0:08:03 | – | |
| 3.13.2 Summary | 0:13:14 | – | |
| Module 4: Statement of Cash Flows (5%) 00:31:32 total video length 34 total reading pages |
4.0 Introduction | 0:01:20 | – |
| 4.1 Indirect Method | 0:04:49 | 6 | |
| 4.2 Cash Flow Analysis | 0:05:36 | 14 | |
| 4.3 Operating, Financing, and Investing Activities | 0:00:38 | 14 | |
| 4.3.1 Operating Activities | 0:01:45 | – | |
| 4.3.2 Investing Activities | 0:02:09 | – | |
| 4.3.3 Financing Activities | 0:03:46 | – | |
| 4.4 Summary | 0:11:29 | – | |
| Module 5: Miscellaneous Accounting Components (Less than 5%) 00:26:58 total video length 5 total reading pages |
5.0 Introduction | 0:00:34 | – |
| 5.1 Investments | 0:05:09 | 5 | |
| 5.2 Contingent Liabilities | 0:04:14 | 6 | |
| 5.3 Summary | 0:17:01 | – |
Related Courses
Student Stories
“It was totally free. I got college credit for all of the CLEP exams and passed all of them on the first try. I loved being able to learn at my own pace. Modern States is amazing.”
“I'm using Modern States to complete my engineering degree in the shortest amount of time possible”
“I can trust Modern States.”
“For 15 credit hours I’ve essentially paid nothing … which has been awesome!”
“All of my undergraduate courses, which I can CLEP out of, will go towards my nursing degree and probably save me close to $15,000.”
“Modern States made it possible to do a five-year degree in four years. It's helping dreams come true.”
“I'd like to thank Modern States for even making this possible to students.”
“It doesn't matter how old you are. You can go back [to school] with the help of Modern States.”
Click on a student to hear their story
