Accounting – 9/11/18

I.   Bellwork Q&A

1.  What does it mean if someone asks how much equity a person has in a business?
2.  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.
• 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

1.  Accounting Equation
2.  Classify Assets, Liabilities and Owners Equity

V.   Classwork Pg 17

• Terms (13) and 1-4 Questions & Answers

Accounting F2018