Accounting Notes

Only available on StudyMode
  • Download(s) : 89
  • Published : March 7, 2013
Open Document
Text Preview
ACCOUNTING AND THE BUSINESS ENVIRONMENT
Chapter 1A Class Preparation Assignment (Rev 1-08)

Checklist:

__x____I have obtained a copy of the textbook from the LLC & then purchased the Course Outline for BUACT- 206 (Bookstore) for use everyday in class.

__x____I read Chapter 1 in text, and found it to be a fulfilling experience.

__x___I reviewed the outline for Chapter 1

__x____I know the Accounting Equation

__x____I understand how to analyze a transaction.

__x____I know the names of the four financial statements, and what the purpose of each is.

__x____I have been to the textbook homepage, and can navigate the site. ( www.mhhe.com/wildFAP18e)

___x___I have found definitions for all accounting terms introduced in the chapter. (See page 27 & glossary at back of book)

__x____I understand how I can achieve the grade I desire in this course.

__x____I have completed the assignments on the attached page.

___x___I have stapled the pages of the turn-in copy of this assignment, and kept a copy for my use in class.

M1-1) Calculate the missing number: show your work.

a. Assets = $1,000; Liabilities = $600; Equity = $400

1000=600+400

A-L=OE

b. Assets = $5000; Liabilities = $2,000; Equity =$3,000

A= L +0E

L+EO= 5000 (A)

c. Assets = $1,500; Liabilities = $500; Equity =$1,000

1500= 500+ 1000
A=L+OE

d. Situation: Assets increased by $1,000; Liabilities decreased by $600; Did Equity increase, decrease, or remain the same? If it changed, by how much?

Increase in assets are debited to asset accounts. Increase an asset and increase Equity. Therefore, Equity would increase to $1000

****ASK IN CLASS

M-1-2) Define:

a. Proprietorship: Business owned by one person that is not organized as a corporation.

b. Partnership: Unincorporated association of two or more persons to pursue a business...
tracking img