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AFM 191Introduction to Financial Reporting and Managerial Decision Making 1

Units
0.50
Faculty
Arts
Subject
Accounting and Financial Management

When it runs

  1. F24
  2. W25
  3. S25
  4. F25
  5. W26
  6. S26
  7. F26
  8. W27
  9. S27

Ran in 5 of the last 7 terms. Winter 2027: scheduled, 2 lecture sections. Spring 2027: schedule not out yet.

This course is a foundation for the practice of financial reporting and managerial decision making. The course develops an understanding of the importance of a conceptual framework of accounting and generally accepted accounting principles that provide relevant information to meet stakeholder needs with a focus on private company stakeholders. Students prepare financial reports and financial statements, at an introductory level, that are designed to meet the needs of internal and external stakeholders of private companies. Students perform introductory financial analysis to inform business decisions and solve business problems considering the appropriate business context. The course develops problem-solving skills through a problem-based learning delivery model.

Prerequisites

Antirequisites

  • Complete all of the following
    • Not completed nor concurrently enrolled in any of the following:
      • AFM101 - Introduction to Financial Accounting (0.50)
      • AFM123 - Accounting Information for Managers (0.50)
      • ARBUS102 - Accounting Information for Managers (0.50)
    • Not completed nor concurrently enrolled in:

Leads to

Fall 2026 sections

Enrolment from UW Open Data, which can trail Quest by up to two days. Instructors and rooms: Schedule of Classes.
SectionClassEnrolledMeets
LEC 0013670232 / 307M 14:30–15:50
LEC 0023828293 / 308M 11:30–12:50
TUT 101367140 / 41W 10:00–11:20
TUT 102367239 / 41W 11:30–12:50
TUT 103367339 / 41W 14:30–15:50
TUT 104367439 / 41W 16:00–17:20
TUT 105367518 / 41W 08:30–09:50
TUT 106367639 / 41W 10:00–11:20
TUT 107367737 / 41W 13:00–14:20
TUT 108367831 / 41W 14:30–15:50
TUT 109367931 / 41W 16:00–17:20
TUT 110368027 / 41W 17:30–18:50
TUT 111372140 / 41Th 10:00–11:20
TUT 112372240 / 41Th 11:30–12:50
TUT 113372340 / 41Th 14:30–15:50
TUT 114834138 / 41Th 16:00–17:20
TUT 115834227 / 41Th 17:30–18:50
TST 2013681525 / 615Oct 20 20:30–21:50

Winter 2027 sections

Enrolment from UW Open Data, which can trail Quest by up to two days. Instructors and rooms: Schedule of Classes.
SectionClassEnrolledMeets
LEC 00135900 / 100M 11:30–12:50
LEC 70113716 / 9999Online or by arrangement
TUT 10141840 / 50W 10:00–11:20
TUT 10241850 / 50W 11:30–12:50
TST 20141860 / 100Mar 1 17:30–18:50

Reviewed on UW Flow

83% liked it58% easy90% useful

From 156 ratings and 36 comments on UW Flow. The most helpful comments, quoted as written, without names. Read them all on UW Flow.

  • not gonna lie, it was a little brutal as a person who never took hs accounting. personally my worst course by far (the dr racket cs 115 copium was considerably easier for me somehow)

    Jan 2026 · didn’t like it · 1 found this helpfulOn UW FlowRemove this

  • lectures are engaging but challenging, vevox will make you question your will to live and if you truly understand the course material. its similar to hs accounting up until the midterm; course work after the midterm gets pretty rough though so GO TO YOUR PBLS and ask for help via office hours (all profs are p good) asap if you dont understand anything

    Dec 2025 · liked it · 1 found this helpfulOn UW FlowRemove this

  • You have to lock in right from the start. I didn't take grade 12 high school accounting so I found it really challenging. But if you do the readings before class, solve the PBL as required and MAXIMIZE office hours, you'll do good. The midterm was pretty easy, compared to the final. Never will an exam make you feel so physically ill afterwards (avg score for fall 2024 was like in the 40s). Switch into Konrad's tutorial and lectures. He's literally the best prof out there. GO TO OFFICE HOURS. Do all the instructions and you'll finish with an 80%

    Jan 2025 · liked it · 1 found this helpfulOn UW FlowRemove this

  • As someone who has never taken any accounting or business courses ever, I found this course to be quite difficult. I always felt like I was missing something and there were holes in my understanding. I often mixed up financial statements and some of the content were similar so I got them mixed up too. Many people will say the course gets harder towards the end, but I found that each chapter has its own challenges. Some content is sort of fun however, I didn't find anything particularly interesting. Not impossible to manage, but I had to work twice as hard as someone who has accounting knowledge and yet only understand half of what they can. The midterm and final exam are both tricky and…

    Dec 2024 · didn’t like it · 1 found this helpfulOn UW FlowRemove this

  • The course itself isn't too bad, but don't overestimate the exams and yourself. The practice midterms are helpful, but aren't really like the actual midterms so keep that in mind. Just practice literally everything a lot until you are confident which every topic.

    Oct 2026 · liked itOn UW FlowRemove this

Discussed on r/uwaterloo

40 posts and comments in 33 threads mention AFM 191, March 2020 to December 2024. Quoted word for word, newest first; each reply sits under the post and the comment that started its branch. Search r/uwaterloo for newer posts.

Fall 2024

AFM 191 Retake 1 point, 8 comments

u/Time-Database6086: “Failed. Have to retake the course but Quest says adding it to my next term exceeds the max number of courses allowed for the term. Is there any way I can get an exception, or another way to go about this?”

u/Live-Orchid-4180: “If you can’t take 6 course in a term, then drop one of the 1b courses that’s offered in spring and take that then”

u/Purple-Village-807: “Ok real quick, a course like AFM 182 has a prereq of 0.5 units of AFM 191, does this mean that I need to pass the course in order to continue on into AFM 182, or do they just need proof of completion of the course. This might be a dumb question but I am just a little confused.”

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Lost Steelseries Headphones 9 points, 10 comments

“Hey I recently lost my steelseries black headphones, I was just wondering if any of you guys have seen them or gave them into a lost and found. They look like this:”

u/ResultCool1858: “Im pretty sure I saw someone in the AFM 191 midterm take these headphones from a bag and put it in another.”

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Spring 2024

Preparing for AFM first year! 1 point, 4 comments

“Hi, I am an incoming AFM student. I was just wondering if I didn’t take high school accounting how much I would need to prepare in advance for my classes. …”

u/Spoon420Blaze: “If you’ve got no accounting experience, then please pay attention and thoroughly read the Tophat (online textbook) for AFM 191 (your first accounting class) Tutorials are stupidly important, please go. Without them you will have no idea how to really apply your knowledge. …”

u/todorokiswife2: “… BUT first afm 191 midterm will be rough. Really take the time to understand the accounts (why is revenue credited, when would you debit/ credit cash, what is the balance sheet telling you). …”

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Question for afm students 1 point, 13 comments

“I'm an incoming AFM student, but don't really want to get stuck in accounting because accounting, at least from my 2 hs courses, is boring as hell, and I feel like my mind is wasted on its repetitive …”

u/Inferdo12: “From what I heard from my brother's time at AFM, you can choose to do finance or accounting as the major you specialise in.”

u/justkonradmusic: “You already have a head start. You’ll see me in AFM 191, so you’ll be able to start to shape your opinion. Don’t hesitate to ask lots of questions. I’m happy to provide perspective where I’m able.”

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afm course load 1 point, 2 comments

“hi! i’m an incoming afm student for fall 2024 and was wondering how is the first year course load like? and also any tips would be greatly appreciated!!”

u/Spoon420Blaze: “Just Finished 1st Year AFM here’s your guide 1A AFM 191 ; If you’ve done high school accounting this course is gonna be ridiculously easy until after midterms, regardless, I would always reccomend completing the readings, but no assignments exist for this class, weekly online …”

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Winter 2024

Accounting at UWaterloo 2 points, 8 comments

u/gomorycut: “The Math/Chartered Account program shows these five courses for first semester: September to December AFM 111 – Professional Pathways & Problem-Solving AFM 191 – Foundations for Financial Reporting MATH 135 – Algebra for Honours Mathematics MATH 137 – Calculus 1 for Honours …”

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Check it elsewhere for Fall 2026

Calendar versions

Undergraduate Calendar