Accounting

Accounting

1. What is it?

   • it's a science
     • System of control and registration of expenses and income and other economic operations carried out by a company or entity.
       • At present, accounting defines chronologically all the economic transactions carried out by a company, in order to report its financial situation on a certain date and the results obtained during a certain period of time
         • Author: Wilson Jara
         • Technique that is used to record the operations that economically affect an entity and that systematically and structurally produces financial information, the operations that economically affect an entity, including transactions, transformations and other events.
           • Author: Mexican Council of Financial Reporting Standards (CINIF)
   • Objective
     • Be useful for decision-making
       • Why?
     • Register
       • Origins
       • Outflows
       • Why?

2. Financial statements

   • Is the fundamental manifestation of accounting
     • Reports that reflect the state of a company at a given time, usually a year.
       • They are made up of several documents that reflect the financial situation of a business and collect information, both economic and patrimonial, of the companies.
   • Accounting cycle
     • All the operations carried out by the company during a fiscal year
     • Trade log
       • Record all operations carried out

3. Types of accounting

   • Adminsitrative accounting
     • It emphasizes the preparation of a company's information for its internal users.
   • Cost accounting
     • Allows us to know the cost of production for products
   • Tax accounting
     • Preparing information for filing statements and paying taxes.
   • Government accounting
     • It summarizes all the activities of the country
   • Financial Accounting
     • Which various stakeholders can measure, evaluate and monitor the progress, stagnation or setback of the financial situation of the entities
       • Can also be applied by the physical person

4. Economic entity

   • Any organization or unit in society can be an economic entitiy
   • Classification
     • Physical entities.
       • They are those entities represented by a single person
       • Example:
         • Doctor
     • Moral entities.
       • Example:
         • Hospital
       • They are those entities represented by a set or group of natural persons

5. Bibliography: 1.- Dr. Carlos César Maycotte Morales.(2012) Contabilidad basica. Universidad Autónoma de nicaragua. Primera edición. 2.- Accounting Coach. (2017) Accounting Basics. Obtained fromhttps://www.accountingcoach.com/pro-samples/accounting-basics-explanation.pdf

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