1st Unit Test Friday February 16th – Chapters 1 and 2
Review of assets and liabilities and calculating net worth
net worth and owner’s equity
A= L + O.E
The Balance Sheet
The balance sheet is the formal presentation of the Fundamental Accounting Equation
What are the key features of the balance sheet?
-Assets (liquidity)
-Liabilities (maturity)
-Owner’s Equity
Complete Exercise 1 Page 28 together
Assignment:
- Balance Sheet Quiz on Wednesday
Additional Practice and review:
Read Pages 18-19 and Complete Review Questions 1-6 and exercises 1-6
Some additional resources for review:
The Fundamental Accounting Equation
The Balance Sheet
The Accounting Equation Video