Accounting

Accounting - Chapter 1

Chapter Objectives

  • Describe the different users of accounting information.
  • Prepare a net worth statement and explain its purpose.
  • Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationship in the accounting equation.
  • Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationship in the accounting equation.
  • Distinguish between cash and on account transactions.
  • Compare and contrast the types of transactions that increase and decrease owner’s equity.
  • Explain the difference between expenses and liabilities.

Starting A Proprietorship: Changes that Affect the Accounting Equation

Chapter 1 PowerPoint

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Chapter 1 Quizlet

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Application Problem 1-2.1

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Application Problem 1-2.2

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Application Problem 1-3

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Think Like An Accountant

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