1 – Starting a Proprietorship


6320: Accounting

  • 1: Demonstrate positive work ethic
  • 10: Demonstrate critical-thinking and problem-solving skills.
  • 12: Demonstrate an understanding of workplace organizations, systems, and climates.
  • 18:  Demonstrate proficiency with technologies common to a specific occupation.
  • 19:  Demonstrate information technology skills.
  • 22: Examine aspects of planning within an industry/organization
  • 23: Examine aspects of management within an industry/organization.
  • 34:  Describe the purpose of accounting and the role it plays in the global economy. 35:  Demonstrate the effects of transactions on the accounting equation.
  • 101: Explore career opportunities in accounting.

After studying Chapter 1, in addition to defining key terms, you will be able to:

    • LO1 Describe the different users of accounting information.
    • LO2 Prepare a net worth statement and explain its purpose.
    • LO3 Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationship in the accounting equation.
    • LO4 Analyze the effects of transactions on the accounting equation.
    • LO5 Distinguish between cash and on account transactions.
    • LO6 Compare and contrast the types of transactions that increase and decrease owner’s equity.
    • LO7 Explain the difference between expenses and liabilities.


Cover Sheet (objectives and Competencies)

Chapter 1 1 textbook (Word document of the textbook)

Chapter 1 1 Vocabulary Acct

Chapter WRKPRS Study Guide

Section 1:

Section 2:

Section 3:

Section 4:

 1 WKPRS Mastery, challenge Problems