CARLETON UNIVERSITY 
BUSI 1001: Principles of Financial Accounting 
Comprehensive Study and Exam Preparation Guide 2025 
 
Part 01: Revision Notes 
Part 02: Sample Examination Paper 
Part 03: Detailed Solutions & Explanations 
Part 04: Study Tips for Students 
 
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Carleton University - BUSI 1001: Principles of Financial Accounting

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ACADEMIC YEAR 2024 - 2025

University	Carleton University
Study Level	Undergraduate
Subject	BUSI 1001
Long Title	Principles of Financial Accounting
Notes Title	Comprehensive Study and Exam Prep Guide
Page Length	81

This guide provides a comprehensive summary of the key concepts covered in BUSI 1001: Principles of Financial Accounting, at Carleton University. The guide highlights the essential information you need to understand and apply the course material effectively, ensuring a solid grasp of financial accounting principles. These features have been specifically designed to help you apply your knowledge in exams. You do not need to be an expert in the course, you just need a basic understanding, and be able to quickly recall the information that you learn. You can use these notes as a reference, to understand the topics better, and improve your grades in the final examination.

BUSI 1001: Principles of Financial Accounting is the first course in a two-part sequence, followed by BUSI 1002. This course offers a comprehensive overview of fundamental accounting principles and practices. The course emphasizes the role of financial statements in decision-making while fostering an understanding of the inherent limitations of accounting data. Main topics to be covered include the preparation and analysis of financial statements, the accounting cycle, adjusting journal entries, cash flow reporting, revenue recognition, and accounting for investments, inventory, liabilities, and equity.

Students completing this course will gain the ability to prepare and interpret essential financial reports, including the statement of financial position, income statement, and statement of cash flows. They will also develop the skills needed to assess the purpose, usage, and constraints of accounting information for business decisions. BUSI 1001 precludes additional credit for BUSI 1003 and BUSI 1004. Prerequisites include BUSI 1800 or enrollment in the Statistics program with a concentration in Actuarial Science.

SUBJECT	COURSE TITLE
BUSI 1001	Principles of Financial Accounting
BUSI 1002	Management Accounting
BUSI 1004	Financial Accounting for Business Students
BUSI 2002	Intermediate Accounting II
BUSI 2121	Introduction to Organizational Behaviour
BUSI 2204	Basic Marketing
BUSI 2501	Business Finance
BUSI 2505	Business Finance II
BUSI 2601	Business Law
BUSI 3001	Accounting for Business Combinations
BUSI 3502	Investments
BUSI 3512	Derivatives
ECON 1001	Introduction to Microeconomics
ECON 1002	Introduction to Macroeconomics
ECON 2030	Intermediate Microeconomics II: Consumers & General Equilibrium
ECON 2102	Intermediate Macroeconomics I
ECON 2210	Introductory Statistics for Economics
ECON 2220	Introductory Econometrics
ECON 4706	Econometrics I
ECON 4713	Time-Series Econometrics
PSYC 2002	Introduction to Statistics in Psychology
STAT 2507	Introduction to Statistical Modeling I
STAT 2509	Introduction to Statistical Modeling II

Carleton University - BUSI 1001: Principles of Financial Accounting

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