BACC 401 –Corporation and Partnership Accounting

Basic Information

Course Title: Corporation and Partnership Accounting

Code: BACC 401
Hours: Lecture: 3 hours Credit Hours: 3
Prerequisite(s): BACC 302
Academic Year / Level: Year: 3 Term: 5

1-Course Description and Overall Objectives:

This course focuses on accounting for partnership entities and Corporations. It describes
general matters relating to the partnership form of business organization, including
partnership formation, accounting for partnership operations, and accounting for changes
in ownership interests. A special kind of partnership, the limited partnership, which is
frequently used in professional partnerships, is described also. It also covers matters
relating to dissolution and liquidation of partnerships. The course, also, covers
investments in stocks and bonds related to corporations.

Course Objectives:

A. Recognize the concepts and conditions of accounting for partnerships and

corporations.

B. Understand the main differences between partnerships and corporations.

C. Recognize and apply appropriate concepts relevant to partnerships and

corporations.

D. Analyze and interpret information from a variety of sources relevant to

partnerships and corporations.

2-Intended Learning Outcomes of the Course

(ILOs):

(A) Through knowledge and understanding, students will be able to:

(K1) Recognize different types of Business.

(K2) Identify the difference between different accounting treatments for
a new partner admission and an old partner retirement.
(K3) Recognize the difference between equity and debts.

(B) Through intellectual skills, students will be able to:

 (I1) Critically assess and evaluate the accounting treatment used in
admission
and retirement.
(I2) Describe accounting treatments used in bonds payable issuance
and interest.
(I3) Distinguish different types of dividends.
(I4) Analyze and interpret information from a variety of sources
relevant
to corporation and partnership accounting.

(C) Through professional and practical skills, students will be able to:

(P1) Analyze and interpret partnership accounting problems such

as formation and admission, retirement and liquidation.
(P2) Solve partnership accounting problems such as retirement and
liquidation.
(P3) Analyze and solve corporation accounting problems such as
issuance
of equity, treasury stocks and dividend.
(P3) Analyze and interpret corporation accounting problems such as
issuance
of debt and interest on debt.

(D) Through general and transferable skills, students will be able to:

(G1) Develop effective written and oral communication skills

(G2) Develop the ability to self-appraise and reflect on relevant practices
to partnership and corporation accounting.

3-Course Outline:

Week Number 1: Initial Investment

Week Number 2: Continue initial Investment

Week Number 3: Profit and loss distribution

Week Number 4: Admission of a new partner

Week Number 5: Continue admission of a new partner

Week Number 6: Retirement of existing partner

Week Number 7: First Assessment (Lecture will continue after the assessment)

Week Number 8: Liquidation

Week Number 9: Issuance of stocks

Week Number 10: Continue issuance of stocks

Week Number 11: Treasury stocks

Week Number 12: Second Assessment (Lecture will continue after the assessment)

Week Number 13: Dividends

Week Number 14: Issuance of bonds

Week Number 15: Recording the interest

Week Number 16: Final Examination

4- Teaching and Learning Methods

The course comprises a combination of lectures, and case discussions.

Required facilities: Data Show.

5-Student Assessment Methods, Schedule and

Grading:

Start Submit
Assessment Weight
Type Week Week
No. %
No. No.

1 First Assessment 1 7 30
2 Second Assessment 8 12 30
3 Final examination 16 40
Total 100

6-List of References:

(a) Course Notes:

 Notes will be distributed to the students throughout the semester.
(b) Essential Books (Text Books):

Beams, F. A., Anthony, J. H., Bettinghaus, B., Smith K. A., Advanced Accounting,
Pearson Prentice Hall, 12th Edition, 2014.
Kieso, D., Weygandt, J., Warfield, T., Intermediate Accounting, Wiley and Sons,
IFRS edition, 2011.
(c) Recommended Books:

Jeter D. C., Chaney P. K., Advanced Accounting, John Wiley & Sons, 5th Edition,
2012.