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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

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.


The accounting equation
THE ACCOUNTING EQUATION

page 8

MUST BE IN BALANCE!!!!

LESSON 1-1


Work together 1 1 p 9
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


Own your own 1 1 p 9
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


Terms review

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