Accounting—The Language of Business. Lecture Presentation 1-1 Starting a Proprietorship: Changes that affect the accounting equation. Learning Objectives.
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Starting a Proprietorship: Changes that affect the accounting equation
Define and identifyaccounting terms and concepts related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.
Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationships in the accounting equation.
Financial Statements =
Service Business =
What is accounting?
Give two examples of a service business.
What is a proprietorship?
State the accounting equation.