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Mindmap von WENDY BERENICE GONZALEZ JUAREZ, aktualisiert more than 1 year ago
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Conceptual framework of financial information
chapter 2
- objetive of financial information
- generate and communicate useful information of a quantitative type for the timely decision-making
of the different external users of an economic organization.
- generate and communicate useful information of a quantitative type for the timely decision-making
of the different external users of an economic organization.
- features
- utility, understanding by this the
adaptation to the needs of the users.
- reliability
- relevance
- veracity, representativeness,
objectivity, verifiability, information
sufficient, predictability and
confirmation, and relative
importance
- veracity, representativeness,
objectivity, verifiability, information
sufficient, predictability and
confirmation, and relative
importance
- understandability
- comparability
- reliability
- utility, understanding by this the
adaptation to the needs of the users.
- Basic postulates regarding
the economic entity
- Economic substance
- refers to the fact that in the operation of the
financial information system and in the
transactions or economic events that affect
an entity
- refers to the fact that in the operation of the
financial information system and in the
transactions or economic events that affect
an entity
- Entity
- indicates that the operations and financial
information of an economic organization
are independent of those of its
shareholders, creditors, debtors, sponsors
and any other organization.
- indicates that the operations and financial
information of an economic organization
are independent of those of its
shareholders, creditors, debtors, sponsors
and any other organization.
- Going business
- assume that the permanence of an
economic organization in the market will
have no limit o! n, with the exception of
entities in liquidation
- assume that the permanence of an
economic organization in the market will
have no limit o! n, with the exception of
entities in liquidation
- Economic substance
- concepts
- Active
- Economic resource owned by an entity, which is
expected to yield benefits in the future.
- Economic resource owned by an entity, which is
expected to yield benefits in the future.
- Passive
- What the business owes to other known persons
or entities as creditors
- What the business owes to other known persons
or entities as creditors
- Capital
- The contribution of the owners known as shareholders.
- The contribution of the owners known as shareholders.
- Income
- The resources that the business receives from the sale
of a service or product, in cash or on credit.
- The resources that the business receives from the sale
of a service or product, in cash or on credit.
- Expenses
- They are assets that have been used or consumed in the
business, in order to earn income
- They are assets that have been used or consumed in the
business, in order to earn income
- Active
- financial statements
- The income statement
- which reports on the profitability of the
operation.
- which reports on the profitability of the
operation.
- The statement of changes in
stockholders' equity
- whose objective is to show the
changes in the investment of
the owners of the company.
- whose objective is to show the
changes in the investment of
the owners of the company.
- The statement of financial
position or balance sheet
- whose purpose is to present a list of resources
(assets) of the company, as well as the sources of
financing (liabilities and capital) of those resources.
- whose purpose is to present a list of resources
(assets) of the company, as well as the sources of
financing (liabilities and capital) of those resources.
- The cash flow statement
- cuyo objetivo es dar
información acerca de
la liquidez del negocio
- cuyo objetivo es dar
información acerca de
la liquidez del negocio
- The income statement
- independent auditor´s opinion
- The opinion is the final result of a review (audit) of the
information contained in the financial statements.
- The opinion is the final result of a review (audit) of the
information contained in the financial statements.
- financial statement notes
- con ellas se pretende explicar con mayor detalle
situaciones especiales que afectan ciertas partidas
dentro de los estados !nancieros. Las notas deben
presentarse en forma clara, ordenada y referenciada
para facilitar su identi!cación.
- con ellas se pretende explicar con mayor detalle
situaciones especiales que afectan ciertas partidas
dentro de los estados !nancieros. Las notas deben
presentarse en forma clara, ordenada y referenciada
para facilitar su identi!cación.
- Basic postulates that establish the bases for the accounting
recognition of operations and events with an impact on the entity
- Accounting accrual
- the effects of economic transactions
and events that affect an entity
should be reflected in the entity's
financial information at the time
they occur.
- the effects of economic transactions
and events that affect an entity
should be reflected in the entity's
financial information at the time
they occur.
- Association of costs and
expenses with income
- all costs and expenses of
an entity must be
identified with the
income they generated
in the same period,
regardless of the date
they are made.
- all costs and expenses of
an entity must be
identified with the
income they generated
in the same period,
regardless of the date
they are made.
- Valuation
- economic
transactions and
events carried out
by an entity must
be quantified in
monetary terms
- economic
transactions and
events carried out
by an entity must
be quantified in
monetary terms
- Economic duality
- affirms that each resource available to an
entity was generated by third parties, which
have rights and interests over the assets of
the entity.
- affirms that each resource available to an
entity was generated by third parties, which
have rights and interests over the assets of
the entity.
- Consistency
- establishes that the assumptions and
rules through which information was
obtained accounting, have a stability
that facilitates their comparability over
time
- establishes that the assumptions and
rules through which information was
obtained accounting, have a stability
that facilitates their comparability over
time
- Accounting accrual
- Particular rules
- Prudential criterion
- conservative position that the
public accountant is
recommended to adopt to
resolve any dilemma that
presents the application of
particular rules in specific
cases.
- conservative position that the
public accountant is
recommended to adopt to
resolve any dilemma that
presents the application of
particular rules in specific
cases.
- Supplementation
- It consists of applying
international financial
reporting standards,
when there is no local
standard for a particular
situation
- It consists of applying
international financial
reporting standards,
when there is no local
standard for a particular
situation
- Prudential criterion
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