tailieunhanh - Lecture Accounting: Tools for business decision making (5th edition): Appendices H - Kimmel, Weygandt, Kieso

Appendices H - Accounting for partnerships. After studying this chapter, you should be able to: Discuss and account for the formation of a partnership, explain how to account for net income or net loss of a partnership, explain how to account for the liquidation of a partnership. | H ACCOUNTING FOR PARTNERSHIPS Accounting, Fifth Edition After studying 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. Describe the form and content of partnership financial statements. Explain the effects of the entries to record the liquidation of a partnership. Learning Objectives Partnership: An association of two or more persons to carry on as co-owners of a business for profit. Partnership Form of Organization LO 1 Identify the characteristics of the partnership form of business organization. Type of Business: Small retail, service, or manufacturing companies. Accountants, lawyers, and doctors. Partnership Form of Organization Association of Individuals Legal entity. Accounting entity. Net income not taxed as a separate entity. Mutual Agency Act of any partner is binding on all other partners, so long as the act appears to be appropriate for the partnership. LO 1 Identify the characteristics of the partnership form of business organization. Characteristics of Partnerships Characteristics of Partnerships Limited Life Dissolution occurs whenever a partner withdraws or a new partner is admitted. Dissolution does not mean the business ends. Unlimited Liability Each partner is personally and individually liable for all partnership liabilities. LO 1 Identify the characteristics of the partnership form of business organization. Characteristics of Partnerships Co-Ownership of Property Each partner has a claim on total assets. This claim does not attach to specific assets. All net income or net loss is shared equally by the partners, unless otherwise stated in the partnership agreement. LO 1 Identify the characteristics of the partnership form of business organization. All of the following are characteristics of partnerships except: co-ownership of property. mutual agency. limited | H ACCOUNTING FOR PARTNERSHIPS Accounting, Fifth Edition After studying 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. Describe the form and content of partnership financial statements. Explain the effects of the entries to record the liquidation of a partnership. Learning Objectives Partnership: An association of two or more persons to carry on as co-owners of a business for profit. Partnership Form of Organization LO 1 Identify the characteristics of the partnership form of business organization. Type of Business: Small retail, service, or manufacturing companies. Accountants, lawyers, and doctors. Partnership Form of Organization Association of Individuals Legal entity. Accounting entity. Net income not taxed as a separate entity. Mutual Agency Act of any partner is binding on all other .

• Kế toán - Kiểm toán
• Financial Statements
• Making business decision
• Business decision tool
• Lecture Accounting
• Accounting for partnerships
• Partnership agreement
• Working with Financial Statements
• Statements Cash Flow
• Standardized Financial Statements
• The DuPont Identity
• Using Financial Statement Information
• Principle of accounting
• Lecture Principle of accounting
• The basic financial statements
• Statements of financial position
• Statements of comprehensive income
• Lecture Accounting 1
• Financial accounting
• Preparation financial statements
• Balancing ledger account
• Financial system
• Lecture Accounting and financial system
• Interpretation of financial statements
• Financial records
• Government grants
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• Personal financial
• Lecture Personal financial planning
• Financial planning
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• Principles of financial accounting
• Accounting information
• Analysis of financial statements
• Trend analysis
• Independent external auditor
• Financial statements’ preparers
• Financial statements’ users
• Users of financial statements in Saudi Arabia
• Substantial audit expectation
• Summary of PhD thesis
• Thesis summary of Doctor of Accounting
• Auditing of financial statements
• Auditing time of financial statements
• Accounting in practice
• Lecture Accounting in practice
• Statement of cash flow
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Horizontal analysis
• Audited financial statements
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• Auditing services
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• Contemporary auditing environment
• Financial statement audit
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• Lecture Financial accounting
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