TEACHING TIPS New to this edition: This edition will provide students an opportunity to learn QuickBooks while they learn accounting. Chapters 1–5 will introduce QuickBooks using the journal entry method, and Chapters 9–12 will introduce the forms-based approach. New QuickBooks features include: Accounting with QuickBooks, Review It with QuickBooks, and Try It with QuickBooks. New QuickBooks topics covered in this chapter are: (1) Identify the advantages and disadvantages of a computerized accounting system, (2) Install and register QuickBooks, (3) Open or restore a company, (4) Modify a company name, (5) View chart of accounts, (6) Back up QuickBooks, and (7) Close a company and exit QuickBooks. Suggested in-class problems: ● Exercise 1-1 (accounting equation) ● Exercise 1-3 (accounting equation) ● Exercise 1-7 (transaction analysis) ● Demonstration Problem Suggested homework: ● Problem 1-1 (transaction analysis) ● Problem 1-4 (transaction analysis) Suggested in-class activity: Create a set of three note cards for each student; label the cards “Assets,” “Liabilities,” and “Owner’s Equity.” Call out different account names and ask students to raise the correct note card. For example, if you call out “Prepaid Insurance,” the students should raise the note card labeled “Assets.” QuickBooks activities: ● QuickBooks Exercise 1-1 LEARNING OBJECTIVES 1. Define and identify asset, liability, and owner’s equity accounts. 2. Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity. 3. Define and identify revenue and expense accounts. 4. Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation. ACCOUNTING LANGUAGE Account numbers Backups Accounts Business entity Accounts Payable Capital Accounts Receivable Chart of accounts Assets Cloud computing