UNIVERSITY OF WATERLOO 
AFM 291: Intermediate Financial Accounting 1 
Comprehensive Revision Guide and Notes 2025 
 
Part 01: About This Guide 
Part 02: Sample Examination 
Part 03: Suggested Solutions to Exam Paper 
Part 04: Study Tips for Students 
 
The 24/7 Online Support You Deserve 
Need to reach out to us with questions or for help? You'll connect with a private tutor who is extremely passionate about the course, ready to provide assistance and ensure that you're on the right track to graduating. 
 
Looking for additional study resources? 
Find out about all the services and resources available for students at the University of Waterloo

University of Waterloo - AFM 291: Intermediate Financial Accounting 1

C$35.00

ACADEMIC YEAR 2024 - 2025

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

This guide helps you understand how the final exam for AFM 291: Intermediate Financial Accounting 1 at the University of Waterloo will be structured, assessed, and the likely style and range of questions that may appear. This self-study set has been thoroughly updated to cover all the examinable topics contained in the latest edition of the exam. It contains sample exam questions complete with a detailed answer guide to assist you with question style and identify priority topics to review as you prepare for the exam. Students appreciate the invaluable tips for how to read the questions, overcome test anxiety, and avoid common pitfalls, all of which help foster exam confidence.

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.

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 291: Intermediate Financial Accounting 1

INFORMATION

COURSE DESCRIPTION

RELATED COURSES