AFM 401Accounting Theory
- Units
- 0.50
- Faculty
- Arts
When it runs
- F24
- W25
- S25
- F25
- W26
- S26
- F26
- W27
- S27
Ran in 1 of the last 7 terms. Winter 2027: not on the schedule. Spring 2027: schedule not out yet.
A review of accounting theory as a background for applying underlying concepts to current accounting problems. Emphasis is on current literature, with a major term paper required.
Prerequisites
- Complete all of the following
- Must have completed at least 1 of the following:
- Complete 1 of the following
- Enrolled in H-Accounting & Financial Management, H-Computing & Financial Management, H-Mathematics/Chartered Professional Accountancy, or H-Science & Financial Management
- Enrolled in H-Biotechnology/Chartered Professional Accountancy
Antirequisites
None listed.
Leads to
No course lists it as a requisite.
Reviewed on UW Flow
67% liked it45% easy70% useful
From 15 ratings and 3 comments on UW Flow. The most helpful comments, quoted as written, without names. Read them all on UW Flow.
This course is all about theory, there may be some calculations to support those theories, but generally, it's a lot of memorizing. This course would be easy if you are good at this. Catch up with the readings, do all the practice problems (even the ones not assigned, because they use it on exams), and just memorize. You learn a lot about financial accounting, and answers the reasons behind those accounting methods for 291 and 391. It's quite interesting and straightforward. It also involves research. If you work hard you'd be rewarded with a good mark. Exams are all fair, no tricks or anything.
Dec 2017 · liked it · 2 found this helpfulOn UW FlowRemove this
AFM 401 Accounting Theory is, as the title suggests, very theoretical. It's actually pretty interesting. Exams are very fair and assignments are marked very easily.
Sep 2012 · liked it · 2 found this helpfulOn UW FlowRemove this
Prof is hellaaaa funny!!!!
Dec 2012 · liked it · 1 found this helpfulOn UW FlowRemove this
Discussed on r/uwaterloo
22 posts and comments in 19 threads mention AFM 401, September 2016 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.
Spring 2024
afm 4B average 3 points, 5 comments
“Hi, does anyone know the average for the challenging courses like afm 491 and afm462? even afm482 for 4B term? i am genuinely concerned about my last term to get it into the Macc program lol. …”
u/TeemoG0d69: “… If you're taking all 3 at the same time with no electives (including AFM 479 and 401), getting a strong average will be tough.”
Fall 2023
AFM help wanted 1 point, 1 comment
u/Ok-Valuable-7007: “Hello. I’m choosing between AFM 323 and 401 as electives. Have anyone taken them (or are taking them now)? If so, what are they like? Any help/advice is welcomed. Thank you!!!”
Spring 2023
easiest MACC spring electives? 5 points, 4 comments
u/assalamualaikummm: “which ones are you taking right now”
u/ashiland: “I'm taking the financial statement analysis (ACC 609) now (it is related to AFM 401 and some finance concepts I guess) and thinking switching to the coding course taught by Edbert Oey, which one would you recommend?”
u/assalamualaikummm: “… I was thinking between ACC 609 and the coding course as well, but after hearing that it's related to AFM 401 I'd rather stay at the coding course cuz I sucked at that course lol. …”
Winter 2023
AFM 401 making people withdraw from MAcc? 13 points, 1 comment
u/GooseManVEVO: “The course involves accounting theory whichis taught by Professor Kennedy. Apparently a sizeable portion of people did not get the minimum 60 to continue from AFM into the masters program, is this true? What happened??”
Fall 2022
afm 401 5 points, 10 comments
u/taehylor: “how are u guys studying for afm 401 lmk cuz im failing the course fr”
Fall 2021
AFM 401 Final 5 points, 3 comments
u/Yosoro1998: “Any thought? I think it is pretty lengthy and most parts have nothing to do what we learned in lecture :(”
Spring 2021
How is AFM 4B? 10 points, 3 comments
u/obscurekoala: “… it will also be even lighter if you were able to fast track AFM 401 but even if you didn't, it wasn't too bad (weekly quizzes + 1 group project + 1 individual project). …”
Fall 2020
Retake AFM 291 2 points, 11 comments
“Hi, I'm a fourth year Math/CPA student. Unfortunately, my grade for AFM 291 was 58% after second try. As I'm entering my 4B term, I want to know what options I have in order to get a grade above 60% …”
u/pwcunt: “I don't think 291 is a basket course for the MAcc application, is it possible for you to apply UW Macc? …”
u/RMfollower: “… I still need to take AFM 341, 351, 401, 462, 479, 482, 491, and I will take 401, 462, 479, 482 and 491 this term. So I think my cumulative GPA might be at least 75% after this term. Why the MAccFin is not that good? …”
Spring 2020
Comprehensive Guide to AFM based on my experiences 70 points, 26 comments
u/suh-dude_: “… 2 ELECTIVES 4B - WINTER/SPRING/FALL AFM 401 - Accounting Theory: This course is as boring as it sounds. Essentially boils down to why do we need accounting, what role does it play in the world, and why do people act the way they do. …”
Winter 2020
Waterloo AFM vs Math/CPA? 9 points, 16 comments
“I have seen a few posts about these two programs, and it seems that there are mixed opinions, but the general consensus seems to be that AFM students tend to be more cliquey and the social …”
u/ProButtSnorkler: “Some of the info below is from advisors and some of it is from people I know in both programs: - apply to math/cpa because if you end up not liking the math side you can transfer to AFM apparently no …”
u/student073: “… For example, it seems like for Math/CPA you'd need AFM 341, 351, 362, 363, 401, 462, 479, 481, 482, etc, while AFM needs AFM 111, 112, 121, 241, 244, 280, 373, etc. Why is it that they have different required AFM courses and what are the main differences? …”
AFM 4B Term Courses -- Summary 22 points, 2 comments
u/angelxlotus: “… &x200B; AFM 401: this course explains different accounting theories by different researchers and PhDs professors. Overall, it was a very interesting course. …”
u/RoastThisPls: “… AFM 401: go to class take notes and understand the concepts. …”
Fall 2019
AFM 401 5 points, 0 comments
u/AtomicUW: “TFW you are given 1/3 of a page to write your answer, but the solution is 1 page long. Jokes”
Check it elsewhere for Fall 2026
- Undergraduate Calendar, 2026–27The official entry
- Requirements for Fall 2026Waterloo’s requisite checker
- Schedule of Classes, Fall 2026Instructors, rooms, live seats
- Quest Class SearchWhere you enrol
- Course outlinesSyllabi from past terms (UW login)
- UW FlowStudent ratings and reviews
- WClassesPast sections back to 2004, and who taught them