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LESSON 1-1

LESSON 1-1. The Accounting Equation. Objectives  Define accounting terms related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.

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LESSON 1-1

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  1. LESSON 1-1 The Accounting Equation Objectives Define accounting terms related to starting a service business organized as a proprietorship and to changes that affect the accounting equation. Identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.

  2. THE ACCOUNTING EQUATION page 8 MUST BE IN BALANCE!!!! LESSON 1-1

  3. Work Together 1-1 p. 9 Write the answers to the following problem in the working papers. Fill in the missing amount to complete the accounting equation. 11,000 ? ? 4,000 28,000 ? LESSON 1-1

  4. OWN YOUR OWN 1-1 P. 9 Write the answers to the following problem in the working papers. Fill in the missing amount to complete the accounting equation. 17,000 ? ? 80,000 26,000 ? LESSON 1-1

  5. accounting accounting system accounting records financial statements service business proprietorship asset equities liability owner’s equity accounting equation ethics business ethics TERMS REVIEW page 9 ASSIGNMENT: Application problem 1-1 Homework: Read Chapter 1-1 (pages 4-9) and review the terms from chapter 1-1 LESSON 1-1

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