After studying Chapter 1, you will be able to:
- Define accounting terms related to starting a service business organized as a proprietorship and to 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 amounts in an accounting equation.
Master Problem 1-4
- Make a copy of this spreadsheet.
- Place this file in your Chapter 1 folder, rename the file to Mastery Problem 1-4-(Your Initials), and move it into your Chapter 1 folder.
- Complete the spreadsheet according to the directions on page 21.
Study Guide 1
- Complete this Chapter 1 Study Guide to assess your learning. You have as many attempts as needed to get as good of a score as you can.
- Make a copy of this spreadsheet, rename the spreadsheet to Study Guide 1-(Your Initials), and move it into your Chapter 1 folder. Complete the transactions within each sheet tab.
Chapter 1 Practice Exam
- To help you prepare for your Chapter 1 exam, you are free to use this practice exam.