INTRODUCCIÓN A LA CONTABILIDAD Flashcards
CONTEXTUALIZAR LA CONTABILIDAD (26 cards)
What is the primary purpose of accounting?
To provide financial information about a business to stakeholders.
True or False: Accounting only involves recording financial transactions.
False
What are the two main branches of accounting?
Financial accounting and managerial accounting.
Fill in the blank: The accounting equation is Assets = _____ + Liabilities.
Equity
What is a balance sheet?
A financial statement that reports a company’s assets, liabilities, and equity at a specific point in time.
Which accounting principle requires that expenses be matched with revenues?
The matching principle.
Multiple Choice: Which of the following is NOT a financial statement? A) Income Statement B) Balance Sheet C) Cash Flow Statement D) Sales Report
D) Sales Report
What is the role of a bookkeeper?
To record daily financial transactions and maintain financial records.
True or False: GAAP stands for Generally Accepted Accounting Principles.
True
What does the term ‘depreciation’ refer to?
The allocation of the cost of a tangible asset over its useful life.
Fill in the blank: The _____ method recognizes revenue when it is earned, regardless of when cash is received.
Accrual
What is the purpose of an audit?
To verify the accuracy of financial statements and ensure compliance with accounting standards.
Multiple Choice: Which document summarizes a company’s revenues and expenses over a period of time? A) Balance Sheet B) Income Statement C) Cash Flow Statement D) General Ledger
B) Income Statement
What is ‘liquidity’ in accounting?
The ability of a company to meet its short-term obligations.
True or False: The cash flow statement shows the inflow and outflow of cash over a period.
True
What is the ‘cost principle’ in accounting?
The principle that assets should be recorded at their original purchase price.
Fill in the blank: A _____ is an economic resource owned by a business.
Asset
What is the difference between fixed and current assets?
Fixed assets are long-term and not easily converted to cash, while current assets are short-term and can be easily converted.
Multiple Choice: Which of the following is an example of a liability? A) Cash B) Accounts Payable C) Inventory D) Equipment
B) Accounts Payable
What does ‘equity’ represent in the accounting equation?
The owner’s residual interest in the assets of the business after deducting liabilities.
True or False: Financial statements are only useful for internal management.
False
What is the purpose of the statement of cash flows?
To provide information about a company’s cash inflows and outflows during a specific period.
Fill in the blank: The _____ cycle is the process of acquiring goods and services, and then selling them to customers.
Operating
What is the role of the Financial Accounting Standards Board (FASB)?
To establish and improve financial accounting standards in the U.S.
