Accounting in Action

​ 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.

Lesson 1
Part 1
Accounting in Action

The Role of Accounting & What is Accouting?

Lesson 1
Part 2
Accounting in Action

- Accounting in Personal Life -
The financial planning process

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.