Understanding Accounting: Forms of Business Organization and

School: New Jersey Institute Of Technology - Course: ACC 117 - Subject: Accounting

September 2nd ACC 117 NJIT First Class Anchor Document Welcome to ACC 117! Introductions a.Instructor - Karen Beerbower Housekeeping Items b.Syllabus c.Due Dates - No late homework is accepted. Homework due by Wed night by midnight, so please watch the due dates d.How the class will run synchronously Class Teammates - Ice Breaker Breakout Room # 1 i.Find 3 things in common ii.Review findings Coffee Shop First Day of Class Breakout Room # 2Link to Google Doc a.Take 2-3 minutes to read through the document and think and jot notes b.Next, Join your breakout group 10 minutes (I will assign you randomly to the breakout group) i.Introduce yourself ii.Follow the instructions on the document with your teammates iii.Rejoin the main room when signaled and review and reflect your team's answers What is accounting and why do we need to know this? Powerpoint # 8 & 9 a.Accounting is the language of business b.You need information to function in the business world i.How do you start a business? ii.How do you determine whether your business is making or losing money? iii.How should you finance expansion—should you borrow, should you issue stock, should you use your own funds? iv.How do you convince banks to lend you money or investors to buy your stock? c.Success in business requires making countless decisions, and decisions require financial information. Learning Objective 1: Powerpoint slides

a.Identify the forms of business organization and the uses of accounting information. i.Proprietorship ii.Partnership iii.Corporation iv.Limited Liability Company Learning Objective 2: Powerpoint slides 20-27 Explain the three principal types of business activity. 7.Learning Objective 3: Powerpoint slides 27-57 a.Describe the four financial statements and how they are prepared. b.Lecture and examples Financial Statements c.Describe the financial statements of a proprietorship and explain how they interrelate. i.Link to Financial Statement ProblemFinancial Statement Practice Problem ii.Join your breakout group for 30 minutes (I will assign you randomly to the breakout group) 1.Introduce yourself 2.Make a copy of the document into your own google drive 3.Follow the instructions on the document with your teammates 4.Rejoin the main room when signaled and review and reflect your team's answers