Accounting Notes
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 for
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 for