tailieunhanh - Lecture Accounting principles (8E): Chapter 12 - Coby Harmon

After completing this chapter you should be able to: Identify the characteristics of the partnership form of business organization, explain the accounting entries for the formation of a partnership, identify the bases for dividing net income or net loss,.and other contents. | ACCOUNTING FOR PARTNERSHIPS Accounting Principles, Eighth Edition CHAPTER 12 Identify the characteristics of the partnership form of business organization. Explain the accounting entries for the formation of a partnership. Identify the bases for dividing net income or net loss. Describe the form and content of partnership financial statements. Explain the effects of the entries to record the liquidation of a partnership. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Accounting for Partnerships Partnership Form of Organization Basic Partnership Accounting Liquidation of a Partnership Characteristics Organizations with partnership characteristics Advantages / disadvantages Partnership agreement Forming a partnership Dividing net income / loss Financial statements No capital deficiency Capital deficiency Service Cost - Actuaries compute service cost as the present value of the new benefits earned by employees during the year. Future salary levels considered in calculation. Interest on Liability - Interest accrues each year on the PBO just as it does on any discounted debt. Actual Return on Plan Assets - Increase in pension funds from interest, dividends, and realized and unrealized changes in the fair market value of the plan assets. Amortization of Unrecognized Prior Service Cost - The cost of providing retroactive benefits is allocated to pension expense in the future, specifically to the remaining service-years of the affected employees. Gain or Loss - Volatility in pension expense can be caused by sudden and large . | ACCOUNTING FOR PARTNERSHIPS Accounting Principles, Eighth Edition CHAPTER 12 Identify the characteristics of the partnership form of business organization. Explain the accounting entries for the formation of a partnership. Identify the bases for dividing net income or net loss. Describe the form and content of partnership financial statements. Explain the effects of the entries to record the liquidation of a partnership. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Accounting for Partnerships Partnership Form of Organization Basic .

• Kế toán - Kiểm toán
• Lecture Accounting principles
• Accounting principles
• Accounting for partnerships
• Business organization
• Partnership financial statements
• Explain the effects
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Accounting information systems
• Fundamental system principles
• Technology based accounting systems
• Accounting information
• Financial accounting
• Managerial accounting
• Managerial cost
• Reporting manufacturing activities
• Merchandising operations
• Accounting cycle
• Completing the accounting cycle
• Classified balance sheet
• Partnership form of organization
• Basic partnership accounting