Robert Steele – Partnership Accounting

We will begin by explaining what partnership is and how it compares to other business entities. Understanding one business entity. [101 Videos (MP4s)] (NEW) File Size 7.93 gb

Robert Steele – Partnership Accounting

Partnership Accounting topics will be discussed in relation to a partnership type of business entity.

This partnership course will concentrate on accounting issues in partnership entities as opposed to sole proprietorships or corporations. While we will be focusing on the differences, it is important to remember the similarities between accounting systems for different business entities. The majority of the information we have already learned about double entry accounting and daily accounting transactions from previous courses will still be applicable. Because the new information is in the differences, we will be focusing on the areas that are likely to differ.

We’ll start by explaining what a partnership is, and then compare its characteristics with other business entities. Comparing the attributes of one business entity with its components is a great way to learn about them. Also, it helps to consider the pros and cons of each. This allows you to see the benefits and disadvantages of each business entity.

The course will focus on the process of setting up a partnership. This usually begins with the capital contributions from the partners. We need to keep track of the capital accounts and the contribution.

We will be discussing the allocation of net profit to partners. This is one of the main differences between a partnership-type entity and other entities. Partnerships offer a lot more flexibility when it comes to net income allocation, and this is one its greatest benefits.

The course will discuss how to record partnerships draws and the closing process of a partnership. Except for the allocation to the partners of net income, the steps for closing a partnership will be the same as for any other business entity.

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We will discuss the circumstances in which a partner leaves a partnership, or where a new member is added. A partnership entity is only allowed to do transactions relating to the addition or departure of a partner.

The course will include information about the closing or liquidation of partnerships. Any entity will find the liquidation process very helpful because it allows them to dismantle a company. Although we have covered the process of putting together new buses in previous courses, it is important to actually take apart a bus to understand its workings. A partnership entity’s liquidation is especially important because it stresses the capital accounts as well as the necessary steps to avoid any problems.

A comprehensive problem is also included to allow us to look at all the similarities among business entities in order for us to see the differences that we have learned. The problem covers all aspects of accounting, including the creation and closing of financial statements and recording adjusting entries.

This course will also include definitions and key accounting terms that relate to partnerships.

This course will not only include instructional videos but also downloadable materials.

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF files can be used to download information that we can use offline as well as to guide us through the material.

Excel practice files will already be prepared so we can concentrate on the adjusting process.

Multiple choice example question helps us improve our test-Reduce the amount of information in multiple choice questions to improve skills and discuss how to approach these questions.

Short questions for calculation help reduce complex problems down to a shorter format that could be used as multiple choice questions.

Discussion Questions will give students the opportunity to talk about the topics with the instructor. It is often very beneficial for students because it allows them to view the topic from different perspectives.

Who are we learning from?

You will learn from someone who is an expert in accounting concepts, in accounting software such as QuickBooks, and has experience teaching and putting together curricula.

Learn from someone who is:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

The instructor is a CPA who has been practicing for many years. He helped clients understand and work through technical accounting issues.

The instructor is a CPS teacher and professor. He has worked with many students in accounting, business and business applications.

Additionally, the instructor has extensive experience designing courses. This allows them to understand how students learn and how to help them reach their goals. In order to be able to design technical courses in a logical manner and address problems related to software like QuickBooks Pro, the instructor must have experience designing them.

The following content is included:

•    Process for setting up a partnership

•    The allocation of net income to partners

•    The recording of partner withdrawals

•    Recording the partnership closing process

•    Journal entries related to a partner leaving the partnership

•    Journal entries related to adding a new partner to the partnership

•    The liquidation process for a partnership

•    A comprehensive problem on the accounting cycle

•    Key terms definitions and explanations related to partnerships
This course is for you:

Accounting Students
Owner of a business
Anyone who is interested in learning accounting