LESSON 1-1 The Accounting Equation

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LESSON 1-1 The Accounting Equation 5/23/2019 LESSON 1-1 The Accounting Equation Mr. Stasa – Willoughby-Eastlake City Schools

What is Accounting? How many of you know someone who works in the accounting field? What is their job title? What do they do? How did they get there? How many of you receive a paycheck from your employer? Who is in-charge of calculating your pay? What would happen if the person(s) didn’t keep accurate records of your hours worked and paycheck deductions? LESSON 1-1

Accounting is the language of business What is Accounting? Accounting is the language of business Accounting is the planning, recording, analyzing, and interpreting financial information. (p. 6)

What is a service business? A Service business is a business that performs an activity for a fee. (p. 6) What are examples of service businesses?

What is a proprietorship? A proprietorship is a business owned by one person. (p. 6) What are examples of proprietorships in our area?

Pros and Cons What are pros and cons of running a businesses as a proprietorship? (p.7)

Who is TechKnow Consulting? TechKnow Consulting is a network troubleshooting business ran by Kim Park that our textbook will be using to help illustrate examples of accounting. LESSON 1-1

Accounting Terms Assets are anything of value (tangible) that are owned. Assets can be used to acquire other assets or be used to help operate a business. ie using cash (an asset) to buy a laptop (another asset) What are assets that our school owns? LESSON 1-1

Accounting Terms An amount owed is a liability ie taking out a loan to buy a car. The loan must be paid back on time to avoid penalties. The owner’s financial rights to the assets of the business is owner’s equity. ie until my car loan is paid off, the bank has the rights to my car. They could repossess it if I stop making payments. ie the owner of TechKnow Consulting has the rights to decide how the cash in her business will be spent. LESSON 1-1

The Accounting Equation LEFT SIDE RIGHT SIDE The accounting equation must be in balance. The amounts on the left side must equal the total amounts on the right side. LESSON 1-1

1-1 Work Together (WT) LESSON 1-1

1-1 On Your Own (OYO) LESSON 1-1

LESSON 1-1