MOUNT ROYAL UNIVERSITY 
ACCT 2121: Financial Accounting Concepts 
Comprehensive Revision Guide and Notes 2026 
 
- 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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Mount Royal University - ACCT 2121: Financial Accounting Concepts

C$25.00

ACADEMIC YEAR 2025 - 2026

University	Mount Royal University
Study Level	Undergraduate
Course Code	ACCT 2121
Course Name	Financial Accounting Concepts
Notes Title	Comprehensive Revision Guide and Notes
Format	PDF
Page Length	81

This guide provides a comprehensive summary of the key concepts covered in ACCT 2121: Financial Accounting Concepts at Mount Royal University. It highlights the essential information you need to understand and apply the course material effectively, helping you build a solid grasp of financial accounting principles. The content is structured to support exam preparation by showing you what to focus on and how to apply your knowledge in typical questions. Use these notes as a reference to strengthen your understanding of each topic and improve your performance in the final examination.

This course provides an introduction to accounting principles and the accounting cycle. Main topics include fundamental concepts such as accounting principles, assumptions, constraints, and the preparation and reporting of financial information to investors, managers, and others. Emphasis is on financial statement preparation and analysis. Note: Only one of ACCT 2120 and ACCT 2121 may be used for graduation purposes from the BBA.

✔ Key Areas of Focus:

Understand the purpose and components of financial statements.
Learn how to use the accounting information system.
Understand merchandising operations and their impact on financial reporting.
Apply accrual accounting concepts in financial reporting.
Analyze and report on current assets, including inventory, cash, and receivables.
Understand internal controls related to cash management.
Analyze and report on non-current assets, including long-lived assets.
Understand and report on current and non-current liabilities.
Analyze and report on shareholders' equity and cash flows.

COURSE CODE	COURSE NAME
ACCT 2121	Financial Accounting Concepts
ACCT 3221	Intermediate Accounting I
ACCT 3224	Management Accounting I
ACCT 4222	Intermediate Accounting II
ACCT 4280	Introduction to Personal and Corporate Income Tax
ECON 1101	Principles of Microeconomics
ECON 1103	Principles of Macroeconomics
ECON 2211	Intermediate Economic Theory - Microeconomics I
ECON 3395	Introduction to Applied Econometrics
FNCE 3227	Introduction to Finance
FNCE 3228	Advanced Corporate Finance
FNCE 4407	Investments and Portfolio Management
FNCE 4408	Financial Risk Management
FNCE 4409	Security Analysis and Valuation
MATH 1224	Introduction to Statistics
MATH 2333	Statistics for Life Sciences
MATH 3454	Regression and Time Series Analysis
MGMT 2130	Management Principles and Practices
MGMT 2262	Statistics and Analytics for Business
MGMT 3230	Business Law
MKTG 2150	Introduction to Marketing

Mount Royal University - ACCT 2121: Financial Accounting Concepts

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