UNIVERSITY OF WATERLOO 
AFM 101: Introduction to Financial Accounting 
Comprehensive Revision Guide and Notes 2025 
 
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 Waterloo - AFM 101: Introduction to Financial Accounting

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ACADEMIC YEAR 2025 - 2026

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

AFM 101: Introduction to Financial Accounting - This comprehensive revision guide and notes provide a clear, concise resource that brings the course’s core ideas into one place. It breaks down complex topics into straightforward explanations you can apply, helping you review key terms and methods and refresh what matters most. Organized for quick lookup and fast recall, it supports efficient study and greater confidence before your exams. Keep it beside your course materials to clarify tricky points and strengthen performance in the final.

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.

Key Areas of Focus:

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.

The course serves as a prerequisite for AFM 102 (Introduction to Managerial Accounting), which emphasizes internal reporting for business operations. Note that AFM 101 cannot be taken if you have credit for AFM 123 (Accounting Information for Managers).

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

University of Waterloo - AFM 101: Introduction to Financial Accounting

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