Accounting – 9/13/2017

I.  Bellwork

A.  What does it mean if some one asks how much equity a person has in a business?

B.  Provide an example of a liability

 

II. 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.

LA Objective

Analyze how the text structures information or ideas into categories through use of thinking maps

 

III. Discussion

1-2  How Business Activities Change the Accounting Equation

1. Read and Discuss Pgs 10-16
2. Accounting Standards & Rules
3. Accounting Equation
4. Receiving Cash
5. Paying Cash
6. Transactions on Account – Buying & Paying on Account

IV.  Notebook

A.  Accounting Equation

B.  Classify Assets, Liabilities and Owners Equity

V.  Classwork Pg 17

A.  Terms (13) and 1-4 Questions & Answers

MBCC - Accounting 1 F2017