BROCK UNIVERSITY 
ACTG 1P01: Introduction to Financial Accounting 
Comprehensive Revision Guide and Notes 2025 
 
- Part 01. Revision Notes 
- Part 02. Sample Examination 
- Part 03. Suggested Solutions to Exam Paper 
- Part 04. Study Tips for Students 
 
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Brock University - ACTG 1P01: Introduction to Financial Accounting

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ACADEMIC YEAR 2024 - 2025

University	Brock University
Study Level	Undergraduate
Course Code	ACTG 1P01
Course Name	Introduction to Financial Accounting
Notes Title	Comprehensive Revision Guide and Notes
Format	PDF
Page Length	81

Ensure that you are well-prepared for all types of assessments in ACTG 1P01: Introduction to Financial Accounting – at Brock University with this updated exam preparation guide for 2025. The guide provides a comprehensive summary of the course's core topics, including sample exam questions and step-by-step solutions. To succeed in the course, it is important to review and master the key concepts and principles covered in the guide, practice solving problems related to these concepts, and familiarize yourself with the exam format and types of questions that may be asked.

ACTG 1P01 - Introduction to Financial Accounting covers the essential concepts of financial accounting, focusing on the balance sheet, income statement, and statement of cash flows. Students will learn the accounting cycle, handle routine transactions, and apply both theoretical and practical aspects of accounting. Completing this course will replace any previous grades and credits earned in ACTG 1P11, ACTG 1P91, and ACTG 2P51.

Key Areas of Focus:

Understand the role of financial accounting in business decisions.
Prepare and interpret Balance Sheets and Income Statements.
Make necessary adjustments to financial statements and evaluate results.
Recognize and prevent fraud through internal controls and cash management.
Understand merchandising operations and use the Multi-step Income Statement.
Manage inventory and calculate Cost of Goods Sold accurately.
Account for receivables, including bad debts and interest revenue.
Understand and record transactions involving long-lived assets and liabilities.
Analyze shareholders' equity and prepare a Statement of Cash Flows.

COURSE CODE	COURSE NAME
ACTG 1P01	Introduction to Financial Accounting
ACTG 2P12	Introduction to Management Accounting
ACTG 2P31	Accounting for External Reporting I
ACTG 2P40	Commercial Law
ACTG 3P33	Accounting for External Reporting III
ECON 1P91	Principles of Microeconomics
ECON 1P92	Principles of Macroeconomics
ECON 2P21	Intermediate Microeconomics I
ECON 2P90	Introduction to Econometrics
ECON 3P03	Money and Banking I
ECON 3P92	Forecasting Using Time Series Data
FNCE 2P91	Corporate Finance I
FNCE 3P93	Corporate Finance II
FNCE 4P04	Investment Analysis and Portfolio Management
FNCE 4P08	Management of Financial Institutions
FNCE 4P09	Portfolio Management
FNCE 4P16	Derivatives I
MGMT 1P93	Principles of Business
MKTG 2P91	Introduction to Marketing
STAT 1F92	Introductory Statistics
STAT 1P99	Applied Statistics for Life Sciences

Brock University - ACTG 1P01: Introduction to Financial Accounting

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