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FINANCIAL ACCOUNTING PRINCIPLES, GRADE 12, UNIVERSITY/COLLEGE PREPARATION (BAT4M) 41
Partnerships and Corporations
Overall Expectations
By the end of this course, students will:
• demonstrate an understanding of accounting in partnerships; • demonstrate an understanding of accounting in corporations.
Specific Expectations
Partnerships
By the end of this course, students will:
– explain the differences between limited and general partnerships;
– record transactions relating to partnerships, including formation, admission of a new partner, retirement of a current partner, and dissolution;
– record the distribution of income among partners;
– prepare the partnership equity section of the balance sheet.
Corporations
By the end of this course, students will:
– describe types of corporations (e.g., pub- lic, private, not-for-profit) and classes of shares (e.g., common, preferred, voting);
– record transactions related to common and preferred stocks (e.g., issue, buy back, subscriptions);
– record transactions related to the declara- tion and distribution of dividends;
– compare the impact of various forms of dividend distribution (e.g., cash dividends, stock dividends, stock splits) on share- holders’ equity;
– prepare the financial statements for a cor- poration, including an income statement, a statement of retained earnings, and the shareholders’ equity section of the balance sheet.
