Chapter 1

Starting a Proprietorship

ESSENTIAL QUESTIONS

What is the accounting equation? What is an asset? What is a liability? What is meant by owner's equity? What is a proprietorship? What is a service business? How do various transactions related to starting a business organized as a proprietorship affect accounts in the accounting equation? What is included in the heading of all financial statements? How is a balance sheet constructed from information presented in the accounting equation?

TERMS FOR CHAPTER 1

- accounting - accounting system - accounting records - service business - proprietorship - asset - equities - liability

- owner's equity - accounting equation - transaction - account - account title - account balance - capital - balance sheet

ASSIGNMENTS

Starting a Proprietorship The Accounting Equation What is the accounting equation? What is an asset? What is a liability? What is meant by owner's equity? What is a proprietorship? What is a service business? Read pp. 4-8 1) View Power Point presentation intro and 1-1 2) Complete Application Problem 1-1 p. 17 3) Work on vocabulary definitions as presented in class. 4) Work on Study Guide 1 August 31- September 3 How Business Activities Change the Accounting Equation How do various transactions related to starting a business organized as a proprietorship affect accounts in the accounting equation? Read pp. 9-12 1) View Power Point presentation 1-2 2) Complete Application Problems 1-2 & 1-3 pp. 17-18 3) Continue to Work on Study Guide 1 and vocab. September 8 Reporting Financial Information on a Balance Sheet What is included in the heading of all financial statements? How is a balance sheet constructed from information presented in the accounting equation? Read pp. 13-16 1) View Power Point presentation 1-3 2) Complete Application Problems 1-4 & 1-5 p. 19 3) Complete Study Guide 1 and vocab. September 9-10

Complete Mastery Problem 1-6 pp. 19-20 September 11 Additional Chapter exercises Chapter One Internet Activity Accounting in Your Career p. 5 Applied Communication p. 21 Cases for Critical Thinking p. 21 Complete Case 1 and Case 2. September 1 - 11 Tentative Test Date for Chapter 1 is Tuesday, September 25 Challenge Problem 1-7 pp. 20-21 may be completed and substituted for any graded assignment completed for chapter 1 due by Sept. 28