THE ACCOUNTINGBegin to define some terms used in accounting.I present two definitions of accounting.ACCOUNTING1. - Umbrella term encompassing the multitude of disciplines including auditing, taxation, financial statement analysis, and managerial accounting. Accounting-related functions include financial accounting, cost accounting, not-for-profit accounting, and financial planning. 2. - Process of recording, measuring, interpreting, and communicating financial data. The accountant prepares financial statements to reflect financial condition and operating performance. Also, the accounting practitioner renders personal accounting services to clients such as preparing personal financial statements and tax planning.ACCOUNTING CYCLESeries of steps in recording an accounting event from the time a transaction occurs to its reflection in the financial statements; also called bookkeeping cycle. The orders of the steps in the accounting cycle are: 1) Transactions are analyzed; 2) Transactions are journalized and posted to the ledger; 3) Trial balance is prepared; 4) Data needed to adjust the accounts are assembled; 5) Work sheet is prepared; 6) Financial statements are prepared; 7) Adjusting entries are journalized and posted to the ledger; 8) Closing entries are journalized and posted to the ledger; 9) Post-closing trial balance is prepared”.Which is the Accounting Equation?ACCOUNTING EQUATION. - Double entry bookkeeping where there is an identity of debit and credit elements of a transaction. For each transaction, the total debits equal the total credits. For example, the payment of $ 100 to a creditor requires a debit to accounts payable and a credit to cash for $ 100. The accounting equation can also be expressed as:

Assets = Liabilities + CapitalAn increase (or decrease) in total assets is accompanied by an equal increase (or decrease) in liabilities and capital”.ACCOUNTING MANUAL. - “handbook containing policy guidelines, procedures, and standards for accounts of a company or an individual. The chart (or classification) of accounts is part of the accounting manual”.ACCOUNTING PERIOD. - “Time covered by financial statements which can be for any length but is usually annual, quarterly, or monthly. The annual financial statements may be on a calendar or fiscal year basis. Quarterly (interim) financial statements are common and required of publicly-owned companies”.Generally the accounting period begins the first of January and ends on 31 December.CHART OF ACCOUNTS.- Accounts homogeneously grouped the facts and information operations, depending on the objectives of accounting and the characteristics of each company define a chart of accounts. A chart of accounts is a methodical order to expose accounting information.The fundamental classification distinguishes the following types of accounts:

a) Equity accounts (balance sheet) and basic accounting equationb) Income Statement Accounts (income statement)c) Transitory Transaction Accountsd) Accounts of Order

At Equity accounts can be found in the (balance sheet) and basic accounting equation, likewise to the Income Statement Accounts they may find on the statements of income.The key features of each account group are:Equity accounts Equity accounts are grouped in assets, liabilities and net worth. Active accounts are those that represent assets and rights (cash funds, credits and merchandise, machinery). Liability accounts are certain rights (debt) or contingent (forecasts) of others against society. The equity accounts are those that represent the excess of assets over liabilities, all of which represents the share of owners.Income Statement AccountsThese accounts provide a summary of the facts and significant factors that cause an increase or decrease in net worth (excluding contributions and distributions to owners).Transitory Transaction AccountTransiently accumulate operations, for example, internal company information (purchases of goods, returns, etc.). At period end, the account is canceled due to transfer to the final statement.Accounts of OrderReport on contingency or contingencies, in case that is not for your posting on the balance sheet. Example: securities and guarantees in favor of third party, third party notes receivable discounted or endorsed third party property on deposit, etc...Finally speak on Specialized accounting fields.

SPECIALIZED ACCOUNTING FIELDSAs in many other areas of human activity during the twentieth century, a number of specialized fields in accounting have evolved as a result of rapid technological advances and accelerated economic growth. The most important accounting fields are described briefly in the following paragraphs:

a) Financial accountingb) Auditingc) Cost accountingd) Management accountinge) Tax accountingf) Accounting systemsg) Budgetary accountingh) International accountingi) Not-for-profit accountingj) Social accounting

Well I'll explain each of them. Financial accounting.Is concerned with the recording of transactions for a business enterprise or other economic unit and the periodic preparation of various reports from such records. The reports, which may be for general purposes or for a special purpose, provide useful information for managers, owners, creditors, governmental agencies, and the general public. Of particular importance to financial accountants are the rules of accounting, termed generally accepted accounting principles.AuditingIs a field of activity involving an independent review of the accounting records. In conducting an audit, public accountants examine the records supporting the financial reports of an enterprise and give an opinion regarding their fairness and reliability. An important element of “fairness and reliability” is adherence to generally accepted accounting principles.

Cost accountingEmphasizes the determination and the control of costs. It is concerned primarily with the costs of manufacturing processes and of manufactured products. In addition, one of the most important duties of the cost accountant is to gather and explain cost data, both actual and prospective. Management uses these data in controlling current operations and in planning for the future.Management accountingUses both historical and estimated data in assisting management in daily operations and in planning future operations. It deals with specific problems that confront enterprise managers at various organizational levels. This rapidly growing field of specialization by CPAs is frequently called management advisory services or administrative services.Tax accountingEncompasses the preparation of tax returns and the consideration of the tax consequences of proposed business transactions or alternative courses of action. Accountants specializing in this field, particularly in the area of tax planning, must be familiar with the tax statutes affecting their employer or clients and also must keep up to date on administrative regulations and court decisions on tax cases.Accounting systemsIs the special field concerned with the design and implementation of procedures for the accumulation and reporting of financial data. The systems accountant must devise appropriate “checks and balances” to safeguard business assets and provide for information flow that will be efficient and helpful to management.Budgetary accountingPresents the plan of financial operations for a period and, through records and summaries, provides comparisons of actual operations with the predetermined plan. A combination of planning and controlling future operations, it is sometimes considered to be a part of management accounting.International accountingIs concerned with the special problems associated with the international trade of multinational business organizations. Accountants specializing in this area must be familiar with the influences that custom, law, and taxation of various countries bring to bear on international operations and accounting principles.Not-for-profit accountingSpecializes in recording and reporting the transactions of various governmental units and other not-for-profit organizations such as churches, charities, and educational institutions.FinallySocial accountingIs the newest field of accounting and is the most difficult to describe in a few words. There have been increasing demands on the profession for measurement of social costs and benefits which have previously been considered to be unmeasurable. One of the engagements in this field involved the measurement of traffic patterns in a densely populated section of the nation.

CONCLUSION

I can finish my project expressing the pleasure I have for accounting is why my college career, in fact in my future I hope to become one of the most recognized counters nationwide and why not think big internationally.

Thanks for your attention.

LA CONTABILIDAD Para empezar definiremos algunos términos utilizados en contabilidad.Les presento dos definiciones de contabilidadCONTABILIDAD1.- Término general que abarca la multitud de disciplinas, incluyendo la auditoría, impuestos, análisis de estados financieros y contabilidad de gestión. Relacionados con la contabilidad funciones incluyen la contabilidad financiera, contabilidad de costos, contabilidad sin fines de lucro, y la planificación financiera.2.- Proceso de grabación, medición, interpretación y comunicación de los datos financieros. El contador prepara estados financieros para reflejar la situación financiera y los resultados operativos. Además, el profesional contable presta servicios personales de contabilidad para clientes tales como la preparación de estados financieros personales y planificación fiscal.

CONCLUSION

Puedo concluir mi proyecto espresando el gusto que tengo hacia la contabilidad es por ello mi carrera universitaria es dirigida a ella y de hecho en mi futuro espero llegar a ser uno de los contadores mas reconocidos a nivel nacional y porque no pensar en grande a nivel internacional.

Muchas gracias por su atencion.