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Chapter 1 – Starting a Proprietorship: Changes that Affect the Accounting Equation


This introductory unit is based on the first chapter in accounting covering how to create an accounting equation for a service business owned by a sole proprietor.   This unit is based on the use of South-Westerns Century 21 Accounting 9Ed textbook by Gilbertson and Lehman. This class also used a web based program called Aplia, which allows students to complete all assignments on line. Management of assignments is done using Google Classroom.  This lesson should take about 4-5 class periods. 

Learning Targets: 
Define accounting terms related to starting a service business organized as a proprietorship and the changes that affect the accounting equation.
Identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.
Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationships in the accounting equation.
Analyze how transactions affect accounts in an accounting equation.
Office presentation icon Chapter_1_Notes presentation.ppt2.14 MB
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Creative Commons Licence