TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 19 - Price, Haddock, Farina

Chapter 19 - Accounting for partnerships. After reading this chapter, you should be able to: Explain the major advantages and disadvantages of a partnership, state the important provisions that should be included in every partnership agreement, account for the formation of a partnership,. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Partnerships Section 1: Forming a Partnership Chapter 19 Section Objectives Explain the major advantages and disadvantages of a partnership. State the important provisions that should be included in every partnership agreement. Account for the formation of a partnership. Advantages of a Partnership Each partner is taxed individually on his or her share of the partnership’s income It pools the skills, abilities, and financial resources of two or more individuals. It is easy and inexpensive to form. A partnership does not pay income tax. Explain the major advantages and disadvantages of a partnership Objective 1 Disadvantages of a Partnership Each partner has unlimited liability. The partnership is a mutual agency. The business lacks continuity. It has a limited life. Ownership rights are not freely transferable. Names of the partners. Name, location, and nature of the .

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• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Accounting for partnerships
• Allocating income
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions