Objectives

**__ Objectives for Chapter I __**
1. Define accounting terms related to starting a service business organized as a proprietorship and to changes that affect the accounting equation. 2. Identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation. 3. Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationships in the accounting equation. 4. Analyze how transactions affect accounts in an accounting equation.