Accounting for partnerships Student’s Name Institution of Affiliation Accounting for partnerships When two or more people wish to form a business they form a partnership. This happens most of the time when the parties involved have a common business idea and when they combine their different talents and skills then they might build a business empire. Partnership is the most logical option when one is running a business with a low turnover. Partnership is the most appealing and luring form of business following how it is managed and taxed. However in some cases it is not. Most friends families and relatives have pulled their resources together with an aim of building a business empire together and most often their partnerships have gone sour thus ending so badly. Before one enters into a business partnership it is a noble idea to first of all weigh both the disadvantages and the the business. With the correct structure and harmonization of facts most of the disadvantages that partners are likely to come across can be minimized and profits boosted. It is only through the mastery of the tax system that will enable the partnership business to avoid losing money to taxation. It is a venture that its peculiarity openness and easy management attracts me and I’d advice and advocate that people choose partnership over sole-proprietorship or limited companies (Stokes 2015). References Christensen T. Cottrell D. & Budd C. (2016). Advanced financial accounting (11th ed.). Retrieved from https://www.vitalsource.com Hoyle J. B. Christensen T. E. & Brooklyn College. (2016). Advanced accounting: Selected chapters. Hoyle J. B. Schaefer T. F. & Doupnik T. S. (2017). Advanced accounting. New York NY: McGraw-Hill Education. Lowellyne J. (2015). Sustainability footprints in SMEs: Strategy and case studies for entrepreneurs and small business. Hoboken NJ: Wiley. Stokes L. E. (2015). Accounting for partnerships. Cincinnati: Thomson/South-Western. [...]
Final Paper Instructions for Accounting class 407 – Advanced Accounting Instructions & Details MUST be included: The purpose of the Final Paper is to culminate the learning achieved in this course (Advanced Accounting – ACCT 407) by describing your understanding and applying your knowledge and research in the field of accounting. Select one of the major topics listed below to analyze: Select topic of your choice below! & Let me know which Topic you would prefer to write about in order for me to make sure it is APPROVED before you begin. There is 4 topics below to choose from: 1. Accounting standards for business combinations: What is the history for accounting for business combinations? Identify and discuss the Financial Accounting Standards (FAS) that govern business combinations and consolidations? Evaluate the reasons for business combination including the advantages and disadvantages for both the acquirer and acquiree. Identify and discuss the financial and nonfinancial factors that should be considered by both parties. What are some acquisition tactics and defenses, i.e. leveraged buyout? 2. The use of hedging in relation to foreign currency transactions: Demonstrate a foreign currency transaction by providing an example. Evaluate the risks associated with foreign currency transaction. Describe hedging and how hedging is used to mitigate the risks of foreign currency transactions? Discuss the pros and cons of hedging. 3. Accounting for partnerships – Discuss the advantages and disadvantages of partnerships. Identify and discuss the Financial Accounting Standards (FAS) that govern accounting for partnerships including both creation, operation, and liquidation. What are the tax consequences of partnerships. 4. International accounting standards (IFRS) – Distinguish the general differences between IFRS and US GAAP. Identify and discuss the advantages and disadvantages of IFRS. Evaluate the need for a set of wholly accepted international standards. What is the status of the upcoming convergence to IFRS for the US? In relation to the topics covered in this course, business combinations and partnerships, how do IFRS and US GAAP differ and which set of standards are more advantageous to the entity? More advantageous to the investor or creditor? Writing the Final Paper- MUST INCLUDE THE FOLLOWING IN PAPER: 1. Must be 7 to 10 double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center. MUST BE WRITTEN IN APA FORMAT AND INCLUDE IN PAPER CITATIONS AND IN-TEXT CITATIONS THROUGHOUT & ON REFERENCE PAGE 2. Must include a title page with the following: LEAVE THE TITLE PAGE BLANK, EXCEPT WITH TITE OF PAPER- I will fill this in 3. Must begin with an introductory paragraph that has a succinct thesis statement. 4. Must address the topic of the paper with critical thought. – (1 of the 4 topics that you chose and that I have approved) 5. Must end with a conclusion that reaffirms your thesis. 6. Must use at least three scholarly sources, including a minimum of two from the Ashford Online Library. The one scholarly source you have to use is the textbook from this class. This is the Textbook: Required Text Christensen, T., Cottrell, D., & Budd, C. (2016). Advanced financial accounting (11th ed.). Retrieved from https://www.vitalsource.com THIS MUST BE USED!! If you can not find access to it, let me know. I will give you access to it. I also will provide some additional references that my instructor suggested for us to use at the end of this. 7. Must document all sources in APA style, as outlined in the Ashford Writing Center. 8. Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center **CITATIONS IN APA FORMAT ARE VERY IMPORTANT AND VERY IMPORTANT FOR THEM TO BE THROUGOUT PAPER BUT NOT TOO MUCH, NOT TOO LITTLE!