LESSON 1-1 What is Accounting? Why is Accounting called the “Language of Business?” What is an Accounting System?
LESSON 1-1 Accounting is….. - Planning, recording, analyzing, and interpreting financial information Planning Recording An...
LESSON 1-1 An Accounting System The process of providing financial data and information to management so that they can mak...
LESSON 1-1
LESSON 1-1 Why are Financial Statements important? One Name: ENRON http://www.youtube.com/watch?v=Uxd9AeXft64
LESSON 1-1 THE BUSINESS-  Techknow Consulting Service Business - a business that performs an activities for a fee.  Brains...
LESSON 1-1 ADVANTAGES VS DISADVANTAGES OF A PROPRIETORSHIP ADVANTAGES DISADVANTAGES EASE OF FORMATION OWNER CONTROLLED YOU...
LESSON 1-1 THE ACCOUNTING EQUATION MUST BE IN BALANCE! ASSETS LIABILITIES OWNER’S EQUITY ASSETS  =  LIABILITIES + OWNER’S ...
THE ACCOUNTING EQUATION LESSON  1-1 page 8
LESSON 1-1 ACCOUNTING CAREERS
TERMS REVIEW <ul><li>accounting </li></ul><ul><li>accounting system </li></ul><ul><li>accounting records </li></ul><ul><li...
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  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson 1-1 09/04/10
  • Lesson01 1g

    1. 1. LESSON 1-1 What is Accounting? Why is Accounting called the “Language of Business?” What is an Accounting System?
    2. 2. LESSON 1-1 Accounting is….. - Planning, recording, analyzing, and interpreting financial information Planning Recording Analyzing Interpreting
    3. 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 ACCOUNTING?
    4. 4. LESSON 1-1
    5. 5. LESSON 1-1 Why are Financial Statements important? One Name: ENRON http://www.youtube.com/watch?v=Uxd9AeXft64
    6. 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. 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. 8. LESSON 1-1 THE ACCOUNTING EQUATION MUST BE IN BALANCE! ASSETS LIABILITIES OWNER’S EQUITY ASSETS = LIABILITIES + OWNER’S EQUITY
    9. 9. THE ACCOUNTING EQUATION LESSON 1-1 page 8
    10. 10. LESSON 1-1 ACCOUNTING CAREERS
    11. 11. TERMS REVIEW <ul><li>accounting </li></ul><ul><li>accounting system </li></ul><ul><li>accounting records </li></ul><ul><li>financial statements </li></ul><ul><li>service business </li></ul><ul><li>proprietorship </li></ul><ul><li>asset </li></ul><ul><li>equities </li></ul><ul><li>liability </li></ul><ul><li>owner’s equity </li></ul><ul><li>accounting equation </li></ul><ul><li>ethics </li></ul><ul><li>business ethics </li></ul>LESSON 1-1 page 9

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