UNIVERSITY OF TORONTO 
RSM221: Intermediate Financial Accounting II 
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 II (RSM221)

C$25.00

ACADEMIC YEAR 2025 - 2026

University	University of Toronto
Program	Rotman Commerce
Course Code	RSM221
Course Name	Intermediate Financial Accounting II
Notes Title	Comprehensive Study and Exam Prep. Guide
Page Length	37

Get ready for RSM221: Intermediate Financial Accounting II at the University of Toronto with a clear, focused exam guide. Inside you’ll find exam-style questions, step-by-step solutions, and tips for avoiding common pitfalls. The guide explains the final exam’s structure, typical question formats, and the range of topics you’re likely to see. Each section lays out course topics in a logical order, highlights key concepts and methods, and shows how they work through short worked examples. Use it to plan your study time, practice efficiently, and walk into the final with confidence.

RSM221: Intermediate Financial Accounting II builds upon concepts from RSM220 and focuses on advanced topics in financial accounting. The course covers essential areas such as revenue recognition, current and long-term liabilities, contingencies, shareholders' equity, leases, investments, complex financial instruments, and earnings per share. A key objective is to develop the ability to identify, interpret, and apply both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE), while understanding the impact of accounting choices on financial statements.

Students will enhance their problem-solving skills and professional judgment by analyzing the implications of these accounting methods for assessing a firm's future prospects. The course also emphasizes the differences between IFRS and ASPE and how accounting techniques integrate into a broader financial context. Completion of RSM220 is a prerequisite for enrolling in this course.

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 II (RSM221)

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