Accounting in Action

Chapter 1

Starting a Proprietorship: Changes that Affect the Accounting Equation

Open Ended

How many of you are entrepreneurs? How many of you are employees? How do you know the difference?

Directions: Compare and contrast entrepreneurs to employees using Microsoft Copilot (AI). Read all differences, then share one of the responses with your class.

Try using this question. What is the difference between entrepreneurs and employees?

Open Ended

How many of you know someone who works in the accounting field?

Directions: Request a response to the following question using Microsoft Copilot (AI).

Can you explain the field of accounting?

Share the name of one field of your choice.

Open Ended

Finally, Use Microsoft Copilot (AI) to research the following question.

Who uses accounting information?

Please respond using one of the terms provided to you.

​ Many of the concepts introduced in this chapter will be used throughout the study of accounting.

Using the equation is basic to the mastery of accounting and will be used frequently throughout the text.
Assets = Liabilities + Owners Equity

Accounting content knowledge is important, but life and career skills are equally important to be competitive in the work environment.

There will be many opportunities in this course to incorporate communication skills, manage time and projects, work in a team as well as independently, and display initiative and creativity.

Open Ended

Share an unethical situation observed at school or work in one word.

Explain why do you considered it unethical?

Each chapter will contain a feature on ethics to help students apply good ethics to decision making

Lesson 1
Part 1
Accounting in Action

The Role of Accounting & What is Accouting?

Multiple Choice

Accounting is the language of business.

• True

• False

Lesson 1
Part 2
Accounting in Action

- Accounting in Personal Life -
The financial planning process

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Multiple Choice

A creditor would favor a positive net worth.

• True

• False

Lesson 1
Part 2
Demonstration

How to construct a Personal Net Worth Statement
Overhead Projector

Lesson 1
Part 2
Guided & Independent Practice

Work together 1-1

megan Finder, a recent college graduate, is applying for her first credit card. the

creditor has asked for a personal net worth statement. megan has $800.00 in her

checking account and owns a scooter worth $2,000.00. She owes Jaycee auto

$920.00 and river college $125.00. complete a net worth statement for megan

Finder. use the current date.

On your own 1-1

anthony clement is applying for a car loan. the lending institution requires a

personal net worth statement. anthony currently has $1,085.00 in cash, and

his camera is worth $635.00. he also owes kelley electronics $83.00, and Vista

travel $305.00. complete a net worth statement for anthony clement. use the

current date.

Multiple Choice

The principals of right or wrong that guide an individual in making personal decisions is called business ethics.

• True

• False