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Accounting (Balance Accounts (Unit 1. (Asset Accounts (Assets are the…

- - - - Assets are the things that a business or a person owns. They are the resources that are counted to produce.
    - - The liabilities are the debts of the business. If the business has a loan with a bank, that is a liability.
    - - Capital is what belongs to the owners of the business. That includes the investments that the owners come to make and the profits.
    - - It is the process of keeping accounts up to date through bug fixes.
        These adjustments are also recorded later in the books through the so-called special entries in a General Journal.
    - - The accounting cycle is the sequence of accounting procedures used to record, classify and summarize the accounting information. It begins with the initial records of commercial transactions and concludes with the preparation of the financial statements.
- - - - It always presents an equality between the amounts that appear in a debit item and another in the Credit, as a consequence of every transaction recorded twice; This equality represents what he calls the accounting equation.
    - - The term of ownership refers to the properties or assets of the company.
    - - The term of relative value principle is all business creditors
        (Liabilities).
    - - Principio de Cuantificación o Realización: En la Contabilidad Financiera se registran sólo aquellos hechos que pueden ser expresados en términos monetarios.
        
        Principio de Objetividad: La valuación de activos y la medición del ingreso deben basarse en cuanto sea posible, en una prueba objetiva tal como el intercambio de precios en transacciones a corto plazo.
        
        Principio de Entidad: Cada registro contable de cada entidad comercial debe llevarse por separado de las finanzas personales del dueño o de cualquier entidad mercantil o económica (se refiere a la empresa).
        
        Principio de Costo: Establece que los activos y servicios adquiridos deberán ser registrados a su costo real (conocido también como costo histórico). Aunque el comprador pudiera creer que el precio de compra es una oferta, el artículo se registra al precio pagado en la operación y no al costo “esperado”.
        
        Principio de Contabilidad: Los principios de contabilidad generalmente aceptados no incluyen solamente los principios, sino también los conceptos y los métodos que identifican la forma propia de producir la información contable.
- - - - The Balance Sheet presents a summary of all the assets, liabilities and capital of a business. Its name is due to the fact that it shows the balance between active, on the one hand, and passive and capital on the other.
    - - Cost accounting for its own function is analytical, since it aims to classify the different expenditures in production and then accommodate them in such a way that it is possible to get to know the cost of the unit produced, there always being a similarity between that unit and the sale.
    - - It is the report that shows the result of the financial operations of a company in a given period. That is, it shows us the profit or loss of the business.
    - - This report is prepared with the data that appear in the Status columns of Income from the worksheet. This Income Statement is similar to those prepared previously, except that it shows the contribution on income.
- - - - There are several inventory systems and among them we can mention the average cost, cost or market price, whichever is lower; first that enters, first that leaves; first that enters, last that leaves, etc. The most used in Panama is the average cost.
    - - The Integral Percentages are used in order to measure certain facts in the business results.
    - - Another way to make an analysis is through the increases and decreases that occur through the comparison between fiscal years for each item.
    - - The horizontal analysis determines what was the growth or decrease of an account in a given period. It is the analysis that allows to determine if the behavior of the company in a period was good, regular or bad.