1.

Define the following (always includes examples)

a. Accounting
b. nature of accounting
c. function of accounting
d. the accounting cycles
e. summary of debit and credit
f. review of correcting accounting errors

2. Nature of Partnership business

a. Basic consideration
b. definition of Partnership
c. characteristics of a Partnership
d. advantages and disadvantages of partnership
e. comparison of sole proprietorships and partnerships
f. kinds and articles of partnership

3. Accounting for Partnership Formation

a. Partnership accounting and partnership accounts
b. Partner’s Capital and drawing accounts, receivable, payable, and loans
c. Partnership Formation
d. Valuation of partners’ contribution
e. Stages from which partnership formed
f. Actual investment method
g. Bonus method
h. Interest in the partnership

4. Accounting for Partnership Operations

a. Nature of partnership Operations
b. Accounting treatment and sharing of partnership profit and loss
c. Laws on profit sharing
d. Rules on losses sharing
e. Equally
f. Salaries or Bonus allowed for partners’ service
g. Schedule of profit distribution
h. the working paper of partnership

5, Accounting for Partnership dissolution

a. nature of partnership dissolution
b. Causes of dissolution
c. Partnership dissolution and liquidation
d. Causes of dissolution
e. Asset revaluation
f. Negative asset revaluation
6. Accounting for Partnership Liquidation
a. nature of partnership liquidation
b. methods of liquidation
c. Gain on liquidation
d. installment liquidation
e. safe payments schedule

7. Accounting for Business Incorporation

a. Characteristics of corporation
b. Advantages and disadvantages of corporation
c. Kinds and classes of corporation
d. components of corporation
e. rights of shareholder
f. Articles of Incorporation