UNIVERSITY OF LIVERPOOL 
ACFI101: Introduction to Financial Accounting 
Final Examination Guide and Notes 2025 
 
Part 01: Revision Notes 
Part 02: Sample Final Examination Paper 
Part 03: Suggested Solutions to Final Exam Paper 
Part 04: Final Examination - Hints and Tips 
 
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University of Liverpool - Introduction to Financial Accounting (ACFI101)

£35.00

ACADEMIC YEAR 2024 - 2025

University	University of Liverpool
Module Code	ACFI101
CATS Level	Level 4 FHEQ
Module Name	Introduction to Financial Accounting
Notes Title	Final Examination Guide and Notes
Page Length	81

This guide provides a comprehensive summary of the key concepts covered in ACFI101: Introduction to Financial Accounting at the University of Liverpool. It highlights essential information to help you understand and apply financial accounting principles effectively. Designed specifically to support your exam preparation, this guide ensures you can recall and apply key concepts with confidence. You don’t need to be an expert in the course - just a basic understanding is enough. These notes serve as a valuable reference to reinforce your learning, enhance your understanding of the topics, and improve your performance in the final exam.

This module provides a fundamental understanding of financial accounting principles, focusing on double-entry bookkeeping, transaction recording, and financial statement preparation. Students will learn the purpose of financial reporting, key stakeholders' needs, and the main elements of financial statements. The syllabus covers essential topics such as the accounting equation, ledger accounts, journals, sales and purchases, cash management, inventory, non-current assets, accruals, prepayments, receivables, payables, and capital structure.

Additionally, the module develops practical skills in preparing a trial balance, identifying and correcting errors, reconciling control and bank accounts, and managing suspense accounts. Students will also gain proficiency in preparing financial statements, including statements of financial position, income statements for sole traders, partnerships, and companies, and cash flow statements for companies. This module serves as a prerequisite for advanced accounting courses such as ACFI201, ACFI210, ACFI212, ACFI290, ACFI301, ACFI302, ACFI305, ACFI309, ACFI320, and ACFI322.

MODULE CODE	MODULE NAME
ACFI101	Introduction to Financial Accounting
ACFI102	Introduction to Management Accounting
ACFI103	Introduction to Finance
ACFI201	Financial Reporting 1
ACFI204	Financial Management
ACFI225	Econometrics for Finance 1
ACFI231	Theory of Finance I
ACFI234	Theory of Finance II
ACFI304	Business Finance
ACFI309	Financial Reporting 2
ACFI310	Derivative Securities
ACFI321	Capital Markets
ACFI342	Financial Risk Management
EBUS205	Business Analytics
ECON112	Statistics & Data Analysis for Economics and Business
ECON121	Principles of Microeconomics
ECON123	Principles of Macroeconomics
ECON154	Statistical Foundations of Business Analytics
ECON210	Principles of Economics 2
ECON213	Econometrics 2
ECON222	Microeconomics 2
ECON233	Introductory Econometrics for Business & Economics
ECON241	Securities Markets
MKIB153	Fundamentals of Marketing
ULMS151	Organisations and Management

University of Liverpool - Introduction to Financial Accounting (ACFI101)

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