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Questions and Answers
What is the primary purpose of the balance general, also known as the state of financial situation?
What is the primary purpose of the balance general, also known as the state of financial situation?
- To detail the company's marketing strategies for the upcoming year.
- To outline the company’s operational procedures and employee roles.
- To project the company's potential earnings based on market trends.
- To reflect the economic and patrimonial situation of a company at a specific date. (correct)
How frequently should the Estado de Situación Financiera be updated?
How frequently should the Estado de Situación Financiera be updated?
- Whenever there are significant changes in market conditions.
- Only when requested by the company's board of directors.
- At least once a year, but can be more frequent. (correct)
- Every five years to align with strategic planning cycles.
What makes the Estado de Situación Financiera a 'public document'?
What makes the Estado de Situación Financiera a 'public document'?
- It is accessible for review by competent authorities. (correct)
- Its summary is published in major newspapers and financial journals.
- It is distributed to shareholders and potential investors.
- Its contents are promoted via public advertisement campaigns.
What is the main purpose of the 'Balance de Comprobación'?
What is the main purpose of the 'Balance de Comprobación'?
At what point in the economic cycle of a company is the 'Balance final o de cierre' prepared?
At what point in the economic cycle of a company is the 'Balance final o de cierre' prepared?
What key details are typically included in the 'Encabezado' (header) section of the Estado de Situación Financiera?
What key details are typically included in the 'Encabezado' (header) section of the Estado de Situación Financiera?
In the 'Texto' (body) section of the Estado de Situación Financiera, how are accounts typically presented?
In the 'Texto' (body) section of the Estado de Situación Financiera, how are accounts typically presented?
Whose signatures are required on the Estado de Situación Financiera?
Whose signatures are required on the Estado de Situación Financiera?
In the 'En forma de cuenta' presentation of the Estado de Situación Financiera, how are assets, liabilities, and equity arranged?
In the 'En forma de cuenta' presentation of the Estado de Situación Financiera, how are assets, liabilities, and equity arranged?
What is the arrangement of assets, liabilities, and equity in the 'A manera de informe' presentation?
What is the arrangement of assets, liabilities, and equity in the 'A manera de informe' presentation?
When preparing the Estado de Situación Financiera, how are assets typically arranged on the left side of the balance sheet?
When preparing the Estado de Situación Financiera, how are assets typically arranged on the left side of the balance sheet?
On the right side of the balance sheet, how are liabilities and equity organized?
On the right side of the balance sheet, how are liabilities and equity organized?
What is the first step in preparing the Estado de Situación Financiera?
What is the first step in preparing the Estado de Situación Financiera?
After listing current assets, what is the next step in preparing the Estado de Situación Financiera?
After listing current assets, what is the next step in preparing the Estado de Situación Financiera?
After identifying all assets, which of these steps follows next?
After identifying all assets, which of these steps follows next?
An 'initial balance' is prepared to:
An 'initial balance' is prepared to:
True or false: the balance is a document intended for strictly internal use, and cannot be requested by external entities.
True or false: the balance is a document intended for strictly internal use, and cannot be requested by external entities.
What is the correct accounting equation?
What is the correct accounting equation?
Which section is not included in the structure of the Estate of Financial Situation?
Which section is not included in the structure of the Estate of Financial Situation?
Flashcards
Estado de Situación Financiera
Estado de Situación Financiera
This is the seventh step in the accounting process. It is a financial document reflecting a company's economic and equity situation at a specific time, detailing assets, liabilities and capital.
Balance inicial
Balance inicial
Prepared at the beginning of the economic period, it serves to know the initial situation of the organization at the beginning of the economic period.
Balance de comprobación
Balance de comprobación
Records the sums of the debit and credit movements of the main accounts, as well as the respective balances, to verify compliance with the double-entry principle.
Balance final o de cierre
Balance final o de cierre
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Encabezado
Encabezado
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Texto
Texto
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Firmas
Firmas
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En forma de cuenta
En forma de cuenta
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A manera de informe
A manera de informe
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Assets Column
Assets Column
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Liabilities and Equity Column
Liabilities and Equity Column
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Step 1 for Elaboration
Step 1 for Elaboration
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Step 2 for Elaboration
Step 2 for Elaboration
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Step 3 for Elaboration
Step 3 for Elaboration
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Step 4 for Elaboration
Step 4 for Elaboration
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Step 5 for Elaboration
Step 5 for Elaboration
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Step 6 for Elaboration
Step 6 for Elaboration
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Step 7 for Elaboration
Step 7 for Elaboration
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Step 8 for Elaboration
Step 8 for Elaboration
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Step 9 for Elaboration
Step 9 for Elaboration
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Study Notes
- The state of financial situation is a financial accounting document reflecting a company's economic and asset situation.
- It details the assets, liabilities, and equity at a specific date.
- This document is prepared periodically, updated at least annually.
- It is a public document subject to review by competent authorities.
Types of Balances
- Initial Balance: Prepared at the economic period, this balance helps understand the initial status of the organization at the economic period.
- Trial Balance: Sums of debit and credit and accounts confirming that the principle of double-entry bookkeeping has been fulfilled.
- Final or Closing Balance: Prepared at the end of the financial year and updated yearly, it's a document that authorities may request for review.
Structure of the Statement of Financial Position
- Header: Contains the name or business name, statement name, the period the information corresponds to, and the currency denomination.
- Text: Core section presenting asset, liability, and equity accounts, arranged for effective financial analysis.
- Signatures: The manager's and accountant's signatures must be included at the bottom.
Forms of Presentation
- Account Form: Presents assets on the left side and liabilities and equity on the right side.
- Report Form: Presents assets first, followed by liabilities, and ends with equity.
Elaboration
- Assets are shown in the left column of the balance sheet, based on liquidity.
- Liabilities and capital are grouped on the right column based on exibility.
Steps to Prepare the Statement of Financial Position
- Record current assets.
- Identify fixed assets.
- Add up all assets.
- Record current liabilities.
- Record fixed liabilities.
- Add up all liabilities.
- Record capital.
- Add liabilities and capital.
- Verify assets match the sum of liabilities plus capital.
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