UNIVERSITY OF GUELPH

ACCT*1220: Introductory Financial Accounting

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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University of Guelph - ACCT*1220: Introductory Financial Accounting

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ACADEMIC YEAR 2026 - 2027

University	University of Guelph
Study Level	Undergraduate
Course Code	ACCT*1220
Course Name	Introductory Financial Accounting
Notes Title	Comprehensive Revision Guide and Notes
Format	PDF
Page Length	81

Ace ACCT*1220: Introductory Financial Accounting at the University of Guelph with this Comprehensive Revision Guide and Notes. It gives you a clear, concise rundown of the core concepts you’ll need for the exam, plus detailed notes, examiner tips, practice questions, and a full sample exam with worked solutions. Use it to quickly recall key ideas, apply them to problems, avoid common mistakes, and build confidence - no expert background required. Keep it by your side as a reliable reference to deepen understanding and lift your grades.

This course introduces students to the fundamental concepts and practices of Financial Accounting. Students are expected to become adept at performing the functions related to the accounting cycle, including the preparation of financial statements.

Key Areas of Focus:

Understand the purpose and use of financial statements.
Record and analyze business transactions.
Apply accrual accounting principles to financial statements.
Manage and report cash, receivables, and inventory.
Account for property, plant, equipment, intangible assets, and goodwill.
Recognize and report liabilities and shareholders' equity.
Prepare and interpret the statement of cash flows.
Analyze and evaluate financial statements for decision-making.

Restriction: ACCT*2220: Financial Accounting

COURSE CODE	COURSE NAME
ACCT*1220	Introductory Financial Accounting
ACCT*1240	Applied Financial Accounting
ACCT*2230	Management Accounting
ACCT*3340	Intermediate Financial Accounting II
ACCT*3350	Taxation
ECON*1050	Introductory Microeconomics
ECON*1100	Introductory Macroeconomics
ECON*2310	Intermediate Microeconomics
ECON*2740	Economic Statistics
ECON*3740	Introduction to Econometrics
FIN*2000	Introduction to Finance
FIN*3000	Investments
FIN*3100	Corporate Finance
FIN*3200	Fundamentals of Derivatives
FIN*3500	Money, Credit, and the Financial System
HROB*2090	Individuals and Groups in Organizations
MCS*1000	Introductory Marketing
MCS*3040	Business and Consumer Law
STAT*2040	Statistics I
STAT*2060	Statistics for Business Decisions
STAT*4360	Applied Time Series Analysis

MITCA

Updated for 2026

University of Guelph - ACCT*1220: Introductory Financial Accounting

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COURSE DESCRIPTION

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