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ACCOUNTING RECORD NOTIONS - Coggle Diagram
ACCOUNTING RECORD NOTIONS
The bills. Concepts and component elements.
Classification according to its nature and content.
Accounts are generally divided into the following classes
"Real" accounts are called balance sheet accounts.
comprise assets, liabilities and capital
trading liquid,
Las cuentas "nominales"
they record the expenses and income of the merchant and are used to formulate Profit and Loss statement.
Debts to pay:
Current Assets due, includes the amounts for
collect into account open to debtors for operations inherent to the business, the accounts receivable from shareholders, officials or employees
customers
This account is created at the time of a credit call registered as
debt of clients represented with their respective invoices, this account is created in order to keep a detailed record of accounts receivable
external and internal.
Chart of Accounts. Codification, Legal Aspects and
Technicians.
A chart of accounts is a list that contains all the accounts that are
necessary to record the accounting events
is the ordination
Systematic system of all the accounts that make up the accounting system.
The chart of accounts serves:
☼
as a basic structure in the organization and design of the accounting system
☼ as a means of obtaining information
☼ to use the same account for similar events
☼ facilitates the preparation of financial statements.
It must be considered:
☼ Integrity: it must be complete (contain all the necessary accounts of
according to the information needs of the company).
☼ Flexibility: it must allow to introduce new accounts.
☼ Systematic: the accounts must be ordered according to a criterion that gives them an organized structure.
☼ Homogeneity.
The aspects to consider when preparing a chart of accounts are:
☼ should start from the general to the particular, that is, start with the
collective accounts
☼ use clear terminology to name the accounts.
☼ not over generalize the accounts.
It must be considered:
☼ the activity of the company
☼ the legal form of the company
☼ the nature of the company's resources (real estate, fixed assets) and
the taxes that control them (mortgage, pledge).
☼ the way the purchases will be made (checks, cash,
documents, credit card)
☼ the size of the company (whether or not it will have branches).
☼ the way the company operates with respect to sales: cash, to
credit
☼ the type of accounting process established (if accounting is used
centralized or not).
☼ the data processing means available: if it is a
electronic processing, allows more accounts than one
Handbook.
☼ you should also consider the requirements of accounting standards