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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-1 Using Accounting Principles and Records.

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Presentation on theme: "CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-1 Using Accounting Principles and Records."— Presentation transcript:

1 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-1 Using Accounting Principles and Records

2 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 1-1 ACCOUNTING EQUATION page 7 The Accounting Equation AssetsLiabilities Owners’ Equity += The Accounting Equation (LEFT side of equation) Assets (RIGHT side of equation) Liabilities Owners’ Equity + =

3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 1-1 Right side Left side AssetsLiabilities Owners’ Equity =+ CREDIT DEBIT T Account (Right side)(Left side) GENERAL JOURNAL page 8

4 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 1-1 NORMAL BALANCES OF ACCOUNTS page 9

5 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 1-1 LEDGERS page 10

6 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 1-1 TERMS REVIEW asset liability equities owners’ equity stockholders’ equity accounting equation source documents double-entry accounting journal special journal account ledger general ledger subsidiary ledger controlling account file maintenance page 11

7 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Lesson 1-1 Audit Your Understanding 1.How is the accounting equation most commonly stated? SLIDE 7 ANSWER Assets = Liabilities + Owner’s Equity Lesson 1-1 page 11

8 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Lesson 1-1 Audit Your Understanding 2.What is the normal balance of an asset account? A revenue account? SLIDE 8 ANSWER An asset account has a normal debit balance; a revenue account has a normal credit balance. Lesson 1-1 page 11

9 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Lesson 1-1 Audit Your Understanding 3.What are the three needs met by Zytech’s account numbering system? SLIDE 9 ANSWER (1) A separate numeric listing is provided for each ledger division. (2) A predesigned arrangement of numbers is provided within each ledger division. (3) Account number digits are spaced to allow the addition of new accounts. Lesson 1-1 page 11

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