· Basic characteristics of partnerships. Accounting for the formation of a partnership. Preparation of income statements for partnerships. Differences between sole proprietorship and partnership result accounts.
· Accounting for a new partner, for the retirement of a partner. Various methods used in partnership liquidation.
· Pros and cons of organizing a business as a corporation. Differences in balance sheet presentation of equity between a corporation and a sole proprietorship. Earnings, distribution, dividends, etc.