15 Free Online Accounting Courses for Self-Learners

(This is a guest article by Karen Schweitzer*)

Getting a quality education in accounting doesn't have to mean spending several months in a classroom and several thousand on tuition. There are many free online courses that allow you to learn in your spare time and at your own pace. Here is a list of 15 free online accounting courses from top-notch colleges, universities, and educational institutions:

Financial Accounting - The Massachusetts Institute of Technology (MIT) provides a variety of free courses for self-learners including this Financial Accounting course. The free online course features 19 lectures in PDF format as well as other study materials.

Introduction to Accounting - This course from the U.S. Small Business Administration (SBA) features an introduction to accounting. Students taking this course can gain a basic understanding of accounting and learn how to keep accurate books and financial statements.

Influences on Accounting Regulation - The Open University offers a six-hour masters course that discusses the national practice of financial reporting in the UK. The course is broken up into two sections, the evolution of regulation and jurisdiction rules.

The Accounting Process - This NetMBA course provides an overview of the accounting cycle. The course covers everything from beginning transactions to closing books.

Managerial Economics - This Utah State University course discusses the essential principles of managerial economics. The course's 17 weeks of lecture notes are presented in audio format.

Accounting for Advanced Accruals - SimpleStudies.com provides this online accounting course that explains accounts receivable and notes payable. Along with courses, this site also provides online exercises and an accounting dictionary.

Management Accounting and Control - This free MIT course provides an introduction to accounting information, performance, and control. The course is intended for those looking to become management consultants.

Principles of Financial Accounting - The University of Alaska offers this free accounting course to give students an understanding of accounting principles and terms. The course is presented through slide presentations, assignments, and practice exams.

Fundamentals of Personal Financial Planning - This eight-module course in financial planning from the University of California-Irvine introduces students to the principles of accounting, investing, and taxation.

How to Prepare a Loan Package - This SBA course, which is the first in a series of online training courses for aspiring accountants and entrepreneurs, provides an in-depth look into creating and understanding a loan package. Upon completion of this self-paced course, learners receive a Certificate of Completion from the Small Business Administration.

Introduction to Strategic Management - Capilano University features this 15-week course to provide self-learners with an understanding of business analysis and business management. Course materials include presentations and assignments.

Introduction to Microeconomics - This Utah State University course focuses on the fundamentals of economics in the marketplace. Course offerings include fifteen assignments and four examinations.

Introduction to the Context of Accounting - This course from The Open University offers an overview of accounting and its origins. The four-hour advanced course provides learners with a clear idea of what accounting really means.

Taxes and Business Strategies - Students who take this free online accounting course from MIT will study tax planning and tax strategy for businesses. The course provides PDF lecture notes, assignments, and other downloadable course materials.

*About the author:Guest post from education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online classes for OnlineClasses.org.

*Image Credit: Photograph by laurenmarek [via Flickr Creative Commons]

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What is Finance

Finance is the science of funds management. The general areas of finance are business finance, personal finance, and public finance. Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money, risk and how they are interrelated. It also deals with how money is spent and budgeted.

One facet of finance is through individuals and business organizations, which deposit money in a bank. The bank then lends the money out to other individuals or corporations for consumption or investment and charges interest on the loans.

Loans have become increasingly packaged for resale, meaning that an investor buys the loan (debt) from a bank or directly from a corporation. Bonds are debt instruments sold to investors for organizations such as companies, governments or charities. The investor can then hold the debt and collect the interest or sell the debt on a secondary market. Banks are the main facilitators of funding through the provision of credit, although private equity, mutual funds, hedge funds, and other organizations have become important as they invest in various forms of debt. Financial assets, known as investments, are financially managed with careful attention to financial risk management to control financial risk. Financial instruments allow many forms of securitized assets to be traded on securities exchanges such as stock exchanges, including debt such as bonds as well as equity in publicly traded corporations.

Finance is also the science and art of determining if the funds of an organization are being used properly. Through financial analysis, companies and businesses can take decisions and corrective actions towards the sources of income and the expenses and investments that need to be made in order to stay competitive.

Central banks, such as the Federal Reserve System banks in the United States and Bank of England in the United Kingdom, are strong players in public finance, acting as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.