Accounting 1: Lesson01 1g

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Mr.Como's Basic Accounting course.. chapter 1

Mr.Como's Basic Accounting course.. chapter 1

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  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10
  • Lesson 1-1 08/30/10

Transcript

  • 1. LESSON 1-1 What is Accounting? Why is Accounting called the “Language of Business?” What is an Accounting System?
  • 2. LESSON 1-1 Accounting is….. - Planning, recording, analyzing, and interpreting financial information Planning Recording Analyzing Interpreting
  • 3. LESSON 1-1 An Accounting System The process of providing financial data and information to management so that they can make accurate/appropriate financial decisions. Accounting Records are the organized summaries of the businesses financial activities. WHY IS ACCOUNTING SO IMPORTANT? WHAT ARE SOME CAREER OPPORTUNITIES IN ACCOUTING?
  • 4. LESSON 1-1
  • 5. LESSON 1-1 Why are Financial Statements important? One Name: ENRON http://www.youtube.com/watch?v=Uxd9AeXft64
  • 6. LESSON 1-1 THE BUSINESS- Techknow Consulting Service Business - a business that performs an activities for a fee. Brainstorm some service businesses….. Proprietorship- a business that is owned by one person . The liability for business losses or any personal or property losses remains with the sole proprietor (owner) PAGE 6:TECHKNOW CONSULTING
  • 7. LESSON 1-1 ADVANTAGES VS DISADVANTAGES OF A PROPRIETORSHIP ADVANTAGES DISADVANTAGES EASE OF FORMATION OWNER CONTROLLED YOUR OWN BOSS PROFITS ARE NOT SHARED LIMITED RESOURCES UNLIMITED LIABILITY LIMITED EXPERTISE LIMITED LIFE OBLIGATIONS TO FOLLOW LAW
  • 8. LESSON 1-1 THE ACCOUNTING EQUATION MUST BE IN BALANCE! ASSETS LIABILITIES OWNER’S EQUITY ASSETS = LIABILITIES + OWNER’S EQUITY
  • 9. THE ACCOUNTING EQUATION LESSON 1-1 page 8
  • 10. LESSON 1-1 ACCOUNTING CAREERS
  • 11. TERMS REVIEW
    • accounting
    • accounting system
    • accounting records
    • financial statements
    • service business
    • proprietorship
    • asset
    • equities
    • liability
    • owner’s equity
    • accounting equation
    • ethics
    • business ethics
    LESSON 1-1 page 9