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Accounting—The Language of Business

Accounting—The Language of Business. Lecture Presentation 1-1 Starting a Proprietorship: Changes that affect the accounting equation. Learning Objectives.

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Accounting—The Language of Business

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  1. Accounting—The Language of Business Lecture Presentation 1-1 Starting a Proprietorship: Changes that affect the accounting equation

  2. Learning Objectives 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.

  3. What is Accounting? Pg. 6 Accounting = Accounting System= Accounting Records= Financial Statements =

  4. A Few More Concepts: Pg. 6 Service Business = Proprietorship= Business Entity=

  5. The Accounting Equation: Pg. 8 • Assets= • Equities = Financial rights to the ________ of a business…There are two types • Liabilities= (bought some supplies on credit) • Owner’s Equity= • So the Accounting Equation is… • _______ = ____________ + ____________ • The Accounting Equation must ________ be in balance

  6. Term Review & Audit Understanding Accounting Accounting System Accounting Records Service Business Proprietorship Asset Equities Liability Owner’s Equity Accounting Equation What is accounting? Give two examples of a service business. What is a proprietorship? State the accounting equation.

  7. Work Together/On Your Own • Page 9…Work Together 1-1 • Page 9…On Your Own 1-1 • Page 19… • Application Problem 1-1 • Page 7… • Business Structures • Answer Critical Thinking 1 & 2 on a piece of notebook paper (Save this paper to answer the rest of your questions for sections 1-2 and 1-3) • Page 9… • Read Character Counts • Discuss in Class

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