Partnership Accounting

1 Credits: Accounting


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Partnership Accounting

Course Level
CPE Credits

1 Credits: Accounting

Course Description

This comprehensive course is designed to deepen your understanding of partnership accounting, distinguishing it from corporate accounting by focusing on transactions unique to partnerships. It offers a thorough exploration of various key topics, including the contribution of funds to a partnership, management of capital accounts, and the allocation of profits and losses. The benefits of this course are significant: participants will gain expertise in handling the admission of new partners and the retirement of existing ones, ensuring accuracy and compliance in these critical transitions. Additionally, the course provides a detailed guide on the process flow for partnership liquidation, a complex procedure requiring precise accounting treatment. By completing this course, you will enhance your knowledge and skills in partnership accounting, enabling you to navigate the unique challenges and transactions specific to this area with expertise and confidence.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Identify the uses to which a capital account is put.
  • Describe the accounting for the various partnership-related transactions.
  • Cite the proper treatment of income taxes in a partnership.
  • Note the proper accounting treatment when a partner retires.
  • Describe the process flow for a partnership liquidation.
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Course Specifics

Course ID
Revision Date
June 13, 2022

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …