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 
 
The 24/7 Online Support You Deserve 
Need to reach out to us with questions or for help? You’ll connect with a private tutor who is extremely passionate about the course to provide assistance and help ensure that you’re on the right track to graduating. 
 
Looking for more study resources? 
Find out about all the services and resources available for students at Brock University

Brock University - Introduction to Financial Accounting (ACTG 1P01)

C$25.00

ACADEMIC YEAR 2025 - 2026

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

Be fully prepared for ACTG 1P01: Introduction to Financial Accounting at Brock University with this updated 2025 exam guide. It distills the course’s core topics into clear summaries, includes sample exam questions with step-by-step solutions, and highlights common pitfalls. Use it to review essential concepts and principles, practice problem-solving aligned with the syllabus, and understand the exam format and question types. With structured checklists and targeted practice, you’ll build confidence, strengthen understanding, and approach every assessment knowing exactly what to expect.

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 - Introduction to Financial Accounting (ACTG 1P01)

INFORMATION

COURSE DESCRIPTION

RELATED COURSES