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Accounting—The Language of Business. Lecture Presentation 1-2 How Business Activities Change the Accounting Equation. Learning 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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Accounting—The Language of Business


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    Presentation Transcript
    accounting the language of business

    Accounting—The Language of Business

    Lecture Presentation

    1-2

    How Business Activities Change the Accounting Equation

    learning objectives
    Learning 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.

    Analyze how transactions affect accounts in an accounting equation

    some vocabulary pg 10
    Some Vocabulary: Pg. 10

    Transaction=

    ACCOUNTING CONCEPT : Unit of Measurement=

    a few more concepts pg 10
    A Few More Concepts: Pg. 10

    Account =

    Examples :

    Account Title=

    Account Balance =

    Capital =

    transactions receiving cash pg 10
    Transactions: Receiving Cash, Pg. 10

    Transaction 1: August 1st. Received cash from owner as an investment, $5,000

    What Accounts are affected?

    term review audit understanding
    Term Review & Audit Understanding

    Transaction

    Account

    Account Title

    Account Balance

    Capital

    What must be done if a transaction increases the left side of the accounting equation?

    How can a transaction affect only one side of the accounting equation?

    To what does the phrase on account refer?

    work together on your own
    Work Together/On Your Own
    • Page 13…Work Together 1-2
    • Page 13…On Your Own 1-2
    • Page 19-21…
      • Application Problem 1-2
      • Application Problem 1-3
    • Page 23…
      • Read Cases for Critical Thinking (Case 1)
    • Page 23…
      • Analyzing Best Buy’s Financial Statements
      • Answer questions 1 & 2