UNIVERSITY OF WATERLOO

AFM 101: Introduction to 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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[UWaterloo] AFM 101: Introduction to Financial Accounting - Solutions

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University
University of Waterloo
School
Accounting and Finance
Course Code
AFM 101
Course Name
Introduction to Financial Accounting
Notes Title
Comprehensive Revision Guide and Notes
Page Length
81

ACADEMIC YEAR 2026 - 2027

Make sure you're fully prepared for Introduction to Financial Accounting (AFM 101) at the University of Waterloo with this updated exam preparation guide. This guide offers a complete overview of the course's key topics, including sample exam questions with step-by-step solutions. To excel in the course, it's essential to review and understand the main concepts and principles covered in the guide, practice problem-solving, and get comfortable with the exam format and the types of questions you might encounter. Note: Students can request a paperback version at checkout.

AFM 101: Introduction to Financial Accounting

AFM 101 is an introductory financial accounting course focusing on preparing and interpreting financial statements for external users like shareholders, creditors, and analysts. The course aims to provide a foundational understanding of financial reporting using standard financial statements.

✔ Upon completion of this course, students will be able to:

Understand financial statements and their role in business decisions.
Record and analyze business transactions.
Apply accrual accounting principles to create financial statements.
Prepare and interpret the statement of cash flows.
Manage and evaluate cash and receivables.
Assess inventory and calculate cost of goods sold.
Analyze property, plant, equipment, and intangible assets.
Calculate the time value of money for investments.
Understand and account for liabilities and shareholders' equity.

UNIVERSITY OF WATERLOO

Studying for another course? Select a course below to review the resource details and what’s included.

COURSE CODE	COURSE NAME
AFM 101	Introduction to Financial Accounting
AFM 102	Introduction to Managerial Accounting
AFM 231	Business Law
AFM 272	Global Capital Markets and Financial Analytics
AFM 273	Financial Instruments and Capital Markets
AFM 274	Introduction to Corporate Finance
AFM 275	Corporate Finance
AFM 280	Introduction to Organizational Behaviour
AFM 291	Intermediate Financial Accounting 1
AFM 322	Derivative Securities
AFM 391	Intermediate Financial Accounting 2
ECON 101	Introduction to Microeconomics
ECON 102	Introduction to Macroeconomics
ECON 201	Microeconomic Theory for Business and Policy
ECON 221	Statistics for Economists
ECON 290	Models of Choice in Competitive Markets
ECON 322	Econometric Analysis 1
ECON 323	Econometric Analysis 2
ECON 371	Business Finance 1
ECON 372	Business Finance 2
ECON 423	Time Series Econometrics
MGMT 244	Principles of Marketing
PSYCH 292	Basic Data Analysis
STAT 202	Introductory Statistics for Scientists
STAT 443	Forecasting

MITCA

Updated for 2026

[UWaterloo] AFM 101: Introduction to Financial Accounting - Solutions

INFORMATION

COURSE DESCRIPTION

RELATED COURSES

University	University of Waterloo
School	Accounting and Finance
Course Code	AFM 101
Course Name	Introduction to Financial Accounting
Notes Title	Comprehensive Revision Guide and Notes
Page Length	81