UNIVERSITY OF TORONTO 
RSM220: Intermediate Financial Accounting I 
Comprehensive Study and Exam Preparation Guide 2025 
 
Part 01: About This Guide 
Part 02: Practice Examination Paper 
Part 03: Detailed Solutions and Explanations 
Part 04: Proven Exam Strategies and Tips 
 
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University of Toronto - Intermediate Financial Accounting I (RSM220)

C$25.00

ACADEMIC YEAR 2025 - 2026

University	University of Toronto
Program	Rotman Commerce
Course Code	RSM220
Course Name	Intermediate Financial Accounting I
Notes Title	Comprehensive Study and Exam Prep Guide
Page Length	38

Know what to expect in the RSM220: Intermediate Financial Accounting I final at the University of Toronto. This updated self-study pack explains the exam structure, timing, and common question types. You’ll get exam-style questions with full, step-by-step solutions and an answer guide that shows how marks are earned. A quick checklist points you to priority topics and key concepts from the current course outline. Short summaries clarify tricky areas, and tips highlight frequent pitfalls. Use the pack to plan your revision, practise under timed conditions, and track progress.

RSM220: Intermediate Financial Accounting I provides an in-depth introduction to intermediate financial accounting for Rotman Commerce students, focusing on both conceptual and technical aspects of the subject. Main topics include the Canadian financial reporting environment, accounting theory, and the conceptual framework underlying financial reporting. Students will also learn to prepare financial statements and explore revenue recognition, current assets (such as cash, receivables, and inventory), and long-term assets like property, plant, and equipment, as well as intangible assets.

Upon completing the course, students will be able to examine the conceptual framework behind financial reporting, prepare accurate financial statements, and assess the accounting treatments for various assets and revenues. The course builds on the knowledge gained in RSM219 and covers areas like financial performance reporting, measurement, depreciation, impairment, and asset disposition.

COURSE CODE	COURSE NAME
ACT240	Mathematics of Investment & Credit
ECO101	Principles of Microeconomics
ECO102	Principles of Macroeconomics
ECO206	Microeconomic Theory
ECO220	Introduction to Data Analysis & Applied Econometrics
ECO227	Foundations of Econometrics
ECO372	Data Analysis & Applied Econometrics in Practice
ECO374	Forecasting and Time Series Econometrics
ECO375	Applied Econometrics I
EEB225	Biostatistics for Biological Sciences
MGM390	Business Law
PSY201	Statistics I
RSM219	Introduction to Financial Accounting
RSM220	Intermediate Financial Accounting I
RSM221	Intermediate Financial Accounting II
RSM222	Management Accounting I
RSM225	Legal Environment of Business I
RSM230	Financial Markets
RSM250	Principles of Marketing
RSM260	Organizational Behaviour
RSM332	Capital Market Theory
RSM333	Corporate Finance
RSM336	Investments
RSM433	Advanced Corporate Finance
RSM435	Futures and Options Markets
SOC202	Introduction to Quantitative Methods in Sociology
STA220	The Practice of Statistics I

University of Toronto - Intermediate Financial Accounting I (RSM220)

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