THE UNIVERSITY OF WATERLOO 
AFM 101 - Introduction to Financial Accounting 
Final Examination Guide and Notes 2024 
 
Part 01. Revision Notes 
Part 02. Sample Final Examination Paper 
Part 03. Suggested Solution to Final Exam Paper 
Part 04. Final Examination - Hints and Tips 
 
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University of Waterloo

UWaterloo - AFM 101: Introduction to Financial Accounting (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	University of Waterloo
Study Level	Undergraduate
Course Code	AFM 101
Course Name	Introduction to Financial Accounting
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	81

The AFM 101: Introduction to Financial Accounting, University of Waterloo - Final Examination Guide and Notes 2024 provides you with a unique summarized version of the core information contained in the full course, as well as the essentials you need in order to fully comprehend and apply. These features have been specifically designed to help you apply your knowledge in the exam. You do not need to be an expert in the course; you just need a basic understanding and should be able to quickly recall the information that you learned. You can use these notes as a reference to understand the topics better and improve your grades in the final examination.

Offered by the University of Waterloo, AFM 101: Introduction to Financial Accounting equips students with the fundamentals of financial reporting for external users like investors and creditors. Through in-depth exploration of key financial statements, the course teaches students to prepare, interpret, and communicate financial information effectively. From mastering core concepts like revenue recognition and inventory valuation to understanding the impact of investments and liabilities, students gain a practical toolkit applicable to real-world accounting situations. This course is particularly valuable for those pursuing careers in accounting or related fields, as it emphasizes the significance of accurate and informative financial reporting.

By the end of this course, you should be able to:

understand the relationship between financial statements and business decisions;
analyze the statement of financial position and income statement;
apply the adjustment process to financial statements;
report and interpret cash flows;
communicate and interpret accounting information effectively;
explain how sales revenue, receivables, and cash are accounted for;
understand inventory management and the cost of goods sold;
account for property, plant, and equipment, and intangible assets;
apply the concept of time value of money in investment decisions;
and - analyze liabilities and shareholders' equity.

COURSE CODE	COURSE NAME
AFM 101	Introduction to Financial Accounting
AFM 102	Introduction to Managerial Accounting
AFM 231	Business Law
AFM 272	Corporate Finance 1
AFM 280	Introduction to Organizational Behaviour
AFM 291	Intermediate Financial Accounting 1
AFM 322	Derivative Securities
AFM 361	Taxation 1
AFM 372	Business Finance 2
AFM 391	Intermediate Financial Accounting 2
AFM 472	Equity Investments
MGMT 244	Principles of Marketing
ECON 101	Introduction to Microeconomics
ECON 102	Introduction to Macroeconomics
ECON 221	Statistics for Economists
ECON 290	Models of Choice in Competitive Markets
ECON 322	Econometric Analysis 1
ECON 323	Econometric Analysis 2
ECON 371	Business Finance 1
ECON 372	Business Finance 2
ECON 423	Time Series Econometrics

UWaterloo - AFM 101: Introduction to Financial Accounting (Solutions)

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