Assets in Accounting

Go to Course: https://www.coursera.org/learn/accounting-assets

Introduction

### Course Review: Assets in Accounting As businesses grow and evolve, the need for a solid understanding of assets in accounting becomes increasingly critical. The course “Assets in Accounting" on Coursera is designed precisely for those who are ready to deepen their knowledge in bookkeeping and grasp the intricacies of accounting for various asset types. Let’s dive into what this course offers, its structure, and why you should consider enrolling. #### Course Overview “Assets in Accounting” is an intermediate-level course that focuses on essential asset types in the field of accounting. Building on the foundation of bookkeeping basics, which include double-entry accounting, this course provides a detailed understanding of how to manage and account for assets effectively. You will explore various components that are crucial for preparing financial statements and making informed business decisions. #### What You Will Learn The course is structured into four comprehensive modules, each targeting a specific area of asset accounting: 1. **Accounting Concepts and Measurement**: This module serves as the starting point where you will delve into the various concepts of asset accounting. You’ll learn to record transactions involving sales, understand notes receivable, and deal with uncollectible accounts. This foundational knowledge is vital as it sets the stage for more complex asset management. 2. **Inventory Accounting Methods**: Inventory is a core asset in many businesses, and understanding how to manage it is essential. This module covers inventory accounting methods, including how to determine cost of goods sold, various costing methods (like FIFO and LIFO), and management techniques. Grasping these concepts will allow you to effectively monitor and report inventory values, which directly impact profit margins. 3. **Property and Equipment**: In this module, you will explore Property, Plant, and Equipment (PP&E). This section covers depreciation of assets, which is crucial for understanding how asset value declines over time and how this impacts financial statements. Additionally, you will gain insights into the implications of equipment leases, preparing you for real-world accounting scenarios. 4. **Applying Accounting Principles and Knowledge**: The last module is where theory meets practice. You will apply what you’ve learned to analyze how different transactions affect the balance sheet and income statement. This hands-on approach ensures that you not only understand the concepts but can also implement them in a practical setting. #### Why You Should Enroll If you are someone with a basic understanding of bookkeeping and seek to expand your knowledge into asset accounting, this course is a natural next step. The clear structure and progression from fundamental concepts to practical applications make it suitable for both beginners looking to specialize in accounting and professionals wanting a refresher on asset management. Additionally, the course is presented by experienced instructors who provide insights and real-world applications. The interactive elements, such as quizzes and practical assignments, help reinforce learning and ensure that you can apply the concepts effectively in a work environment. #### Conclusion In summary, "Assets in Accounting" is a well-crafted course that fills a crucial gap for anyone looking to excel in accounting, particularly related to assets. By the end of the course, you will possess a robust understanding of asset accounting—from the basics of inventory management to the complexities of PP&E and their impacts on financial statements. I highly recommend enrolling in this course on Coursera if you aspire to deepen your accounting acumen and enhance your career prospects in finance and accounting. Whether you are a student, a working professional in a finance role, or someone looking to switch to accounting, this course will equip you with the necessary skills to succeed.

Syllabus

Accounting Concepts and Measurement

In this module, you'll begin to work with assets and understand how to account for sales, notes receivable, and uncollectible accounts.

In this module, you will learn about inventory accounting methods, including cost of goods sold, costing methods, and management techniques.

In this module, you will learn how to work with plant, property, equipment, depreciation of assets, and the implications of equipment leases.

In this module, you will apply your knowledge of accounting principles to identify how various transactions and assets impact the balance sheet and income statement.