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Questions and Answers
Which of the following best describes the fundamental accounting equation?
Which of the following best describes the fundamental accounting equation?
- Assets = Liabilities - Capital
- Liabilities - Assets = Capital
- Assets - Liabilities = Capital (correct)
- Assets + Liabilities = Capital
Who is widely regarded as the 'father of accounting'?
Who is widely regarded as the 'father of accounting'?
- Adam Smith
- John Maynard Keynes
- Alfred Marshall
- Luca Pacioli (correct)
What does the acronym D.T.E. stand for in the context of accounting?
What does the acronym D.T.E. stand for in the context of accounting?
- Decreto de Tributación Especial
- Documento Tributario Electrónico (correct)
- Declaración de Transacciones Empresariales
- Documento de Transacción Estándar
Which entity is NOT typically responsible for auditing companies?
Which entity is NOT typically responsible for auditing companies?
How are assets typically classified?
How are assets typically classified?
What are liabilities described as in the context of accounting?
What are liabilities described as in the context of accounting?
What is the main characteristic used to classify liabilities?
What is the main characteristic used to classify liabilities?
Which of the following best describes 'auditoria'?
Which of the following best describes 'auditoria'?
What type of payment is described as 'impuesto'?
What type of payment is described as 'impuesto'?
What is the purpose of the 'Ley Reguladora del Ejercicio de la Contaduría'?
What is the purpose of the 'Ley Reguladora del Ejercicio de la Contaduría'?
Flashcards
¿Qué es una empresa?
¿Qué es una empresa?
An institution, organization, and economic entity.
¿Qué es la contabilidad?
¿Qué es la contabilidad?
Guiding principles include order and analysis.
Base legal de la contabilidad
Base legal de la contabilidad
Article 435 of the Commercial Code.
¿Quiénes fiscalizan a las empresas?
¿Quiénes fiscalizan a las empresas?
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Ecuación conlable
Ecuación conlable
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¿Quién es el padre de la contabilidad?
¿Quién es el padre de la contabilidad?
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D.T.E
D.T.E
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C.N.R
C.N.R
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¿Qué son los activos?
¿Qué son los activos?
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¿Qué son los pasivos?
¿Qué son los pasivos?
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Study Notes
- Contabilidad 1 is an introduction to the topic
- Accounting involves institution, organization, and an economic unit
Aspects of Accounting
- Accounting involves order and analysis
- The legal basis of accounting is found in "435 del código de comercio"
Oversight of Companies
- Companies are overseen by the Ministry of Finance, the municipal Mayor's office, and C.N.R.
Assets
- Assets are controlled goods resulting from past events
- Assets are classified based on their liquidity
Equation
- Accounting equation is: Assets - Liabilities = Capital
Father of Accounting
- Fra Luca Pacioli an Italian in 1494 is seen as the father of accounting
D.T.E
- An electronic tax document
C.N.R
- Centro Nacional de Registro
Regulations for Accountants
- Accountants are governed by the Regulatory Law of the Practice of Accounting
- They are also governed by the Law of Public Accountants and the Function of Auditing
Liabilities
- Liabilities are obligations that a company possesses
- Liabilities are classified according to their enforceability
Audits
- An audit is a detailed and systematic review of an organization's records, systems, and processes
Taxes
- A tax is a compulsory contribution that individuals or legal entities must pay to the state
S.A.S
- Simplified Stock Companies
UDP
- Unions of people
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