Partnership Accounting by Robert Steele
Description
What you learn
The partnership configuration process
Distribution of net income to partners
Record of partner withdrawals
End of recording
Collaboration of partners with regard to magazines
Journal entries related to adding new accounts to a partnership
Partnership liquidation process
A comprehensive problem with the accounting cycle
Definition and description of key terms related to partnership
Prerequisites
You need a basic understanding of financial accounting and debits and credits
Description
Partnered accounting will cover the accounting related topics of the partners, as well as their associations.
This partnership course will focus on different accounting issues in the partnership compared to other types of entities like sole proprietorships and companies. As we focus on the differences, we always want to keep in mind the similarities of accounting for different business entities. Most of what we learned will remain the same about the double entry accounting system and the day-to-day accounting transactions in the previous course. We are concentrated in different areas, because there is a difference in where the new information is located.
First, we define what a partnership is, and then we compare the characteristics of the partnership with other business entities. Understanding a business entity and its components often leads to situations and situations that benefit some form of other business entity.
This course describes the process for setting up a new partnership.
The main difference between the partners became partnerships type business entities and other institutions. There is a lot of flexibility for the distribution of net profit in the partnership,and this is one of its main advantages.
This course will cover the recording of the partnership draws, how to record them, and the termination process of the partnership. The procedure for the closing process will be approximately the same as for all business entities, except for the distribution of net profit to partners.
In addition, the situation leaves the partner, the partnership will be added a new partner. Transactions related to partner disengagement or addition are specific to the partnership entity.
Of course, the partner will organize the process or Close. The liquidation process is a very useful exercise for any entity that allows you to take care of yourself. As we were discussing, we had a good understanding of how to communicate with the new bus and how to get away from it. The liquidation process is especially important for partnership companies because it highlights the capital account and the processes needed to reduce the likelihood of problems during the process.
Also, to put the differences learned in this course into perspective, a comprehensive comprehensive problem, designed to take a step back and consider all the similarities between business entities, covers the entire accounting cycle, from journal entry and posting to the general ledger, to recording and compiling adjustments and financial statements, and closing.
In addition, this course includes definitions and key indicators related to the terms of the partnership.
In addition to educational videos, this course is included as downloadable
•Download PDF file
* Excel practice file
* Multiple choice practice exercises
* Short calculation exercises
* Discussion questions
PDF file
Excel practice files are pre formatted so you can focus on the adjustment process and learn some of the basics of Excel Like addition, subtraction, and cell relationships.
An example of a multiple choice question would be to reduce the information to the size and format of the multiple choice question, and by discussing how to approach these questions, the ability to take the exam is reduced.
Short calculation questions helps to reduce the problem of having some calculations in short form that can be used in multiple choice questions.
Discussion questions will provide an opportunity to discuss these topics with instructors and other students,that will help us understand the topic from a different perspective.
Who will we learn from?
You will not only have technical experience in accounting software like QuickBooks with accounting concepts, but also get feedback from someone who put the curriculum together with experience teaching.
You will learn from someone:
*Certified Public Accountant / Certified Public Accountant
* CGMA-Chartered Global Management Accountant
* Master of taxation science
* Cps certified post secondary instructor
* Export of Curriculum Development
As a practicing Certified Public Accountant, the instructor has continued to work on professional accounting issues and was able to communicate with customers all over the world.
As a CPS and professor, lecturers have taught many accounting classes and worked with many students in the fields of accounting, business,and business applications.
The lecturers also have a lot of experience in designing courses and learning how to learn and how to teach students the purpose. The technical course design experience also allows you to design courses in a logical way and address technical topics and issues related to the use of software like QuickBooks Pro.
Content:
*The process of setting up a partnership
* Net income distribution to partners
* Partner drawer record
* End-of-recording
* Collaboration of Journal work related partners
* Journal entry related to adding a new partner to a partnership
* Partnership liquidation process
* Comprehensive problems with the accounting cycle
* Definitions and explanations of key terms related to partnerships
Who is this course for?
Accounting student
Business owners
Who got to learn accounting
The room was very clean and comfortable.
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Course Features
- Lectures 0
- Quizzes 0
- Duration Lifetime access
- Skill level All levels
- Language English
- Students 185
- Assessments Yes
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