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- What are some of the characteristics of a proprietorship that are different from those of a corporation?
- What is the journal entry to record the investment of cash by the owner into a proprietorship?
- How are the closing entries for a proprietorship different than those recorded for a corporation?
- Why is there only one equity account on a sole proprietorship’s balance sheet and multiple accounts in the equity section of a corporate balance sheet?
- Define a partnership and briefly explain five characteristics.
- What are the advantages and disadvantages of partnerships?
- How does accounting for a partnership differ from that for a corporation?
- How can partnership profits and losses be divided among partners?
- Why are salary and interest bases used as a means to allocate profits and losses in a partnership?
- How are partners’ capital balances disclosed in the balance sheet?
- What is a partnership bonus? How is it calculated when a new partner is admitted?
- Distinguish between the sale of a withdrawing partner’s interest to a new partner and sale of an interest to his/her existing partner(s).
- Explain how a deficiency (debit balance) in one partner’s capital account is handled if that partner is unable to contribute additional assets to cover it.
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