CONCEPT MAP
Key Concepts: Key
Vocabulary:
Accruing Accruing system Accruing records Service
Business Proprietorship
Asset
Equities
Liabilities
Owners
equity Accounting
equation Transaction
Account
Account
title Account
balance Capital
Balance
sheet
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What is Accounting |
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The Accounting Equation |
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Topic: Starting a
Proprietorship |
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Reporting Financial Information on a Balance Sheet |
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Examples:
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Receiving cash |
Paying cash |
Transactions on account |
Preparing a balance sheet |
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Enduring Understanding (s): Accounting is the language of business. Owners, managers, and accounting personnel use their knowledge of accounting to understand the information provided in the accounting reports. _________________________________________________
Essential Question (s): Why would par accounting information result in business failure? _______________________________________________________
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