UNIVERSITY OF WATERLOO

AFM 291: Intermediate Financial Accounting 1

Comprehensive Revision Guide and Notes 2026

Part 01: About This Guide

Part 02: Sample Examination

Part 03: Suggested Solutions to Exam Paper

Part 04: Study Tips for Students

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[UWaterloo] Intermediate Financial Accounting 1 (AFM 291) - Solutions

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University
University of Waterloo
School
Accounting and Finance
Course Code
AFM 291
Course Name
Intermediate Financial Accounting 1
Notes Title
Comprehensive Revision Guide and Notes
Page Length
38

ACADEMIC YEAR 2026 - 2027

Studying AFM 291: Intermediate Financial Accounting 1 at the University of Waterloo? This guide helps you focus your revision and prepare effectively for the exam. It mirrors the format and structure of the real exam, covering the types of questions you are likely to encounter, what high-scoring answers look like, and how to avoid common pitfalls. Inside, you’ll find exam-style questions with step-by-step worked solutions and clear explanations. Use this guide as a practical reference to strengthen your understanding of the course material and improve your performance throughout the course.

AFM 291: Intermediate Financial Accounting 1

AFM 291 is the first course in intermediate accounting, focusing on the theory and practice of financial statement preparation and reporting. The emphasis is on accounting for assets and the related impact on income measurement and revenue recognition concepts. The course covers various topics, including the conceptual framework, information asymmetry, and earnings management. It delves into revenue recognition, contingencies, and provisions, and addresses changes in estimates, errors, and accounting changes. It also covers financial assets, inventory, cash, and accounts receivable, and explores property, plant, and equipment, as well as intangibles and goodwill, with a focus on the impairment of long-term assets.

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] Intermediate Financial Accounting 1 (AFM 291) - Solutions

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COURSE DESCRIPTION

RELATED COURSES

University	University of Waterloo
School	Accounting and Finance
Course Code	AFM 291
Course Name	Intermediate Financial Accounting 1
Notes Title	Comprehensive Revision Guide and Notes
Page Length	38