Accounting System: Inputs, Processes, Outputs & Feedback

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Questions and Answers

What is a system in the context of accounting?

A system is a set of intimately linked parts.

What are the three components of a system according to the text?

Entrada (Input), Proceso (Process), Salida (Output)

List some examples of 'Entrada' (Input) in a accounting system.

Facturas, Boletas, Guías, Notas de Débito, Notas de Crédito, Letras de Cambio, Cheques, Notas de Pedido

List some examples of 'Proceso' (Process) in a accounting system.

<p>Libro Diario, Libro Mayor, Libro Americano, Libro de Compras, Libro de Ventas, Libro de Caja Tabular, Libro Banco, Libro de Banco Giro, Libro de LXC, Libro de LXP</p> Signup and view all the answers

List some examples of 'Salida' (Output) in a accounting system.

<p>Balance General, Estado de Resultado, Estado de Cambio de la Posición Financiera</p> Signup and view all the answers

What is a 'Proceso Retroalimentador'?

<p>It is the process that begins at the output, ends at the input, and starts again.</p> Signup and view all the answers

Define accounting according to the text.

<p>Accounting is a technique that allows us to capture (input), record (process), and report (output) through numerical signs, economic and financial events of a commercial entity in a determined period.</p> Signup and view all the answers

What does 'Técnica' mean?

<p>Sistema</p> Signup and view all the answers

What numerical signs are mentioned?

<p>Las matemáticas (Mathematics)</p> Signup and view all the answers

What is meant by 'Situación Económica'?

<p>It is the capacity that a person, business, or company presents to generate profits.</p> Signup and view all the answers

What is meant by 'Situación Financiera'?

<p>It is the capacity that a person, business, or company presents to face their commitments.</p> Signup and view all the answers

What is meant by 'Ente Comercial'?

<p>Ente=Persona</p> Signup and view all the answers

What is a 'Persona Natural'?

<p>They are all individuals of the human species.</p> Signup and view all the answers

What is a 'Persona Jurídica'?

<p>It is a fictitious entity created by law capable of acquiring rights and contracting obligations and of being represented judicially and extrajudicially.</p> Signup and view all the answers

What is meant by 'Periodo Determinado'?

<p>A determined period.</p> Signup and view all the answers

Flashcards

What is a system?

A set of intimately connected parts forming a complex unity.

Accounting System Input

Documents like invoices, receipts, and debit/credit notes used as input.

Accounting Process

The act of recording journal entries in accounting books such as the daily or major book.

Accounting System Output

Financial statements, like balance sheets and income statements, provide results.

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Feedback Process

A process that begins with output and cycles back to input for continuous improvement.

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What is Accounting?

Technique to capture, record, and report financial events in a specific period.

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Numeric Values

Mathematical symbols used in accounting records.

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Economic Events

Events that affect the financial state of a business.

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Legal Person

Legal entity with rights and obligations, separate from its owners.

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What is a defined period?

The period or duration in which a business must accurately report its profits, losses, and cashflow.

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Study Notes

  • Accounting manual number 1 defines accounting as a system.
  • A system is a set of intimately linked parts.

Accounting System

  • System consists of inputs, processes and outputs

Input

  • Input consists of documents
  • Documents include invoices, tickets, guides, debit notes, credit notes, bills of exchange, checks and purchase orders.

Process

  • Process involves recording, annotating, and processing.
  • Accounting books are used in the process
  • Accounting books include the journal book, ledger book, American book, purchases book, sales book, tabular cash book, bank book, bank giro book, LXC book and LXP book.

Output

  • Output consists of reports as financial statements.
  • Financial statments include the balance sheet, income statement, and statement of changes in financial position

Feedback

  • Feedback process: Starts at the output, ends at the input, and starts again.

Accounting

  • Accounting is a technique that allows capturing (input), recording (process) and reporting (output) through numerical signs, economic and financial events of a commercial entity in a specific period.

Definitions associated with accounting:

  • Technique: System
  • Numerical Signs: Mathematics

Economic Events

  • Economic Situation: Capacity presented by a business or company to generate profits.
  • Financial Situation: Capacity presented by a business or company to face commitments.
  • Commercial Entity: Entity = Person
  • Natural Person: All individuals of the human species.
  • Legal Person: Fictitious entity created by law with the capacity to acquire rights and contract obligations.
  • Specified Period.

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