SIMON FRASER UNIVERSITY 
BUS 251: Financial Accounting I 
Final Examination Guide and Notes 2025 
 
Part 01. Revision Notes 
Part 02. Sample Final Examination Paper 
Part 03. Suggested Solutions to Final Exam Paper 
Part 04. Final Examination - Hints and Tips 
 
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Simon Fraser University - BUS 251: Financial Accounting I (Solutions)

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ACADEMIC YEAR 2024 - 2025

University	Simon Fraser University
Study Level	Undergraduate
Course Code	BUS 251
Course Name	Financial Accounting I
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	81

Ensure that you are well-prepared for your midterm and final exam in BUS 251: Financial Accounting I at Simon Fraser 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.

BUS 251: Financial Accounting I at Simon Fraser University introduces students to financial accounting principles, terminology, and the analysis of business entities through financial statements. The course covers the time value of money, provides a critical review of conventional accounting systems, and requires 12 units as a prerequisite.

Learning Outcomes:

Understand how transactions impact financial statements.
Apply double-entry accounting principles effectively.
Describe the accounting cycle and its sequential steps.
Recognize revenue according to generally accepted accounting principles (GAAP).
Interpret the statement of income to assess financial performance.
Analyze the statement of cash flows for liquidity and cash management.
Manage cash and accounts receivable effectively in financial operations.
Evaluate inventory management strategies and cost flow assumptions.
Assess long-term assets in terms of acquisition, depreciation, and impairment.
Analyze liabilities and their impact on financial health.
Interpret shareholders' equity and its components.
Conduct financial statement analysis to evaluate company performance and make informed decisions.

COURSE CODE	COURSE NAME
BUS 232	Data and Decisions I
BUS 233	Introduction to Business Law and Ethics
BUS 251	Financial Accounting I
BUS 272	Behaviour in Organizations
BUS 312	Introduction to Finance
BUS 315	Investments
BUS 316	Derivative Securities
BUS 320	Financial Accounting: Assets
BUS 321	Financial Accounting: Equity
BUS 322	Intermediate Managerial Accounting
BUS 341	Fundamentals of Marketing
BUS 410	Financial Institutions
BUS 413	Corporate Finance
ECON 103	Principles of Microeconomics
ECON 105	Principles of Macroeconomics
ECON 201	Microeconomic Theory I: Competitive Behavior
ECON 233	Introduction to Economic Data and Statistics
ECON 333	Statistical Analysis of Economic Data
STAT 270	Introduction to Probability and Statistics
STAT 485	Applied Time Series Analysis

Simon Fraser University - BUS 251: Financial Accounting I (Solutions)

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