Financial Accounting

Limited Partnership Definition – What is Limited Partnership

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

Limited partnership definition. Analyzing the definition of key terms often provides more insight about concepts. Limited partnership can be defined as – Partnership that has two classes of partners, limited partners and general partners. A limited partnership can be contrasted with a general partnership, general partnership being the default partnership, a partnership with one type of partner, general partners. General partners have mutual agency over the decision-making process of the partnership and are subject to greater liability risk than limited partners. A limited partner is restricted from the day to day decision of the partnership, not acting as an agent of the partnership, and therefore, not having as high of personal liability. Limited partners are often more like investors, individual with capital to invest. The reduced personal liability of a limited partnership allows general partners to generate capital investment from limited partners who would like to invest. Why Learn Accounting – Financial Accounting / Managerial Accounting

https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Double Entry Accounting System Explained – Accounting Equation

https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Cash vs Accrual – Cash Method / Accrual method differenc

https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Revenue Recognition Principle

https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

Double Entry Accounting System Explained – Balance Sheet

https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Income Statement Introduction

https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Accounting Objectives – Relevance Reliability Comparability

https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Transaction Rules – Accounting Equation

https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Transaction Throught Process / Steps – Accounting Equation

https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Owner Deposits Cash Transaction Accounting Equation

https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Work Completed for Cash Transaction Accounting Equation

https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

100.110 Pay Employee with Cash Transaction Accounting Equati

https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

200 Debits & Credits Normal Balance – Double Entry Accounting Sy

https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

200 Debits & Credits – One Rule to Rule Them All

https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

Financial Accounting

Accounting Equation Rules

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

Learning rules related to the accounting equation can be very helpful in learning the process of recording financial transactions and understanding the reasoning behind the double entry accounting system. Rules provide a framework for us to think around, structures often being thought to limit creative thought, but this is not true. Frames are needed for creative thought. For example, musicians find new innovative ways to apply the patterns and rules of music and part of the creativity of poetry is derived from the strict rules applied, the incredible ways people find variation while staying in a similar structure. Rules related to financial transactions also help stop us from taking shortcuts that do not work in all cases, shortcuts being things we will need to unlearn in the future when they do not apply, and the process of unlearning is hard. It is best to learn rules that apply and work toward understanding the reasoning for these rules. This phenomenon of learning shortcuts and rules that do not apply in all cases is like mathematics because it is possible to find some arithmetic shortcuts that do not work in all cases. If we understand the reasoning behind the fact that these shortcuts do not work in all cases and use shortcuts accordingly this can work, but if we do not understand the reasoning and, instead, learn shortcuts as the universal rule we can end up with more problems down the road.

Why Learn Accounting – Financial Accounting / Managerial Accounting

https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Double Entry Accounting System Explained – Accounting Equation

https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Cash vs Accrual – Cash Method / Accrual method differenc

https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Revenue Recognition Principle

https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

Double Entry Accounting System Explained – Balance Sheet

https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Income Statement Introduction

https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Accounting Objectives – Relevance Reliability Comparability

https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Transaction Rules – Accounting Equation

https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Transaction Throught Process / Steps – Accounting Equation

https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Owner Deposits Cash Transaction Accounting Equation

https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Work Completed for Cash Transaction Accounting Equation

https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

100.110 Pay Employee with Cash Transaction Accounting Equati

https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

200 Debits & Credits Normal Balance – Double Entry Accounting Sy

https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

200 Debits & Credits – One Rule to Rule Them All

https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

Financial Accounting

Mutual Agency Definition – What is Mutual Agency

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

Mutual Agency definition. Analyzing the definition of key terms often provides more insight about concepts. Mutual agency can be defined as – Legal relationship among partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the scope of the partnership’s business. Mutual agency, concerning a partnership, allows each partner to act as the agent of the partnership, providing the power for either partner to make decisions and binding contracts on behalf of the partnership. Mutual agency is important to understand because it means that either partner could make decisions that have an impact on the other partners in the partnership.

Why Learn Accounting – Financial Accounting / Managerial Accounting

https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Double Entry Accounting System Explained – Accounting Equation

https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Cash vs Accrual – Cash Method / Accrual method differenc

https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Revenue Recognition Principle

https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

Double Entry Accounting System Explained – Balance Sheet

https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Income Statement Introduction

https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Accounting Objectives – Relevance Reliability Comparability

https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Transaction Rules – Accounting Equation

https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Transaction Throught Process / Steps – Accounting Equation

https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Owner Deposits Cash Transaction Accounting Equation

https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

101 Work Completed for Cash Transaction Accounting Equation

https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

100.110 Pay Employee with Cash Transaction Accounting Equati

https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

200 Debits & Credits Normal Balance – Double Entry Accounting Sy

https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

200 Debits & Credits – One Rule to Rule Them All

https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI