Conta

conta
LABORATORY

1.-Define accounting in a broad sense
Is the process of identify measuring and communicating economic information about an entity for decisions and informed judgements.

2.-Define financial accounting (according to bulletin A-1 of GAAP)
It´s a technique used to produce systematic and structural quantity information expressed in monetary units of the transactions made byan entity and of certain identifiable and quantifiable economic events that might affect it, in order to facilitate decisions making.

3.-Explain the main purpose of accounting
To bring usefull, reliable and opportune information for making decisions.

4.-Describe the 3 objectives of accounting
1.Provide information to investor: to make attractive the company for as an investment resource.2.Cash Flow: Provide information about cash flows of the entity.
3.Financial Statements: are use to give information about the financial state of companies.

5.-Identify the users of accounting information
Owners, creditors, investors.

6.-What are the basic financial statements?
Balance Sheet
Income Statement
Statement of cash flow & Statement of changes in owners equity.

7.-Whattype of information is show in the balance sheet statement?
It summares the resources (assets) that the entity has in order to operate and the sources where they come from, obligations (liabilities) and owners claims (owner`s equity.)

8.-What type of information is shown in the income statement?
It shows the result of the operations generated by the entity.

9.-What type of information isshow in the cash flow statement?
Identify the sources and outflows of cash of the year.

10.-What type of information is shown in the statement of changes in the owner´s equity?
Show the detail of owners equity and explains changes -------during the year.

11.-What are the characteristics of financial information (information presented in the financial statements)
1. Usefulness
2.Reliability
3.-Prorisional State

12.-Characteristic of the financial information (information presented in the information should satisfy the users needs?
Usefulness

13.-Characteristic of the financial information which states that the user accepts and use the financial information to make decisions?
Reliability

14.-The usefulness is in function of its Informative Content and Timeliness, andthe informative content is based on.

15.-Define timeliness (opportunity)
The user gets information in time in order to make decisions.

16.-Characteristic of financial information that states that the information presented is impartial?
Neutrality

17.-Explain why it is important to follow generally accepted principles when preparing financial statements.
When preparing financialstatements, accountants are confronted with potential dangers of missinterpretations, inexactness and ambiguity that´s why.

18.-Bulletin emitted by the Mexican Institute of Public Accountants in whish is describe the basic theory of the financial information
Bulletin A-1

19.-How is organized the basic structure of accounting?
Principles
Particular Rules
Criteria of application of particularrules.

LABORATORY

1.-The union of 2 or more persons who contribute with something for a licit purpose,
informing each other of their performance
Trading company

2.-Mention one kind of trading company according to the General Law of Business
Organizations
Corporation

3.-Is any man or woman with capacity of use or exercise?
Natural Person

4.-Is an entity formed 2 or more naturalpersons working together to reach common
goals. It can have rights and obligations according to law?

5.-Economic stage in which the society of people emerge, this type of societies were
formed mainly by relatives.
Comercial Stage

8.-The partners only obligation consist of complying whit the capital contributions to which they have commited.
Limited responsibility.

10.-This type of...