ASSETS: An asset is an asset that the company owns and can converters in cash

or cash equivalents.
Cash: It is the liquid element owned by the company, that is, it is money. The
company uses this cash to meet its immediate obligations
Accounts Receivable: It is where increases and cuts linked to the sale of
different concepts to products or services are recorded. This account consists
of bills of exchange, credit and promissory notes in favor of the company.
Inventory: They are tangible assets that are held for sale in the ordinary
course of business or to be consumed in the production of goods or services
for further marketing.
Fixed Assets: It is an asset of a company, whether tangible or intangible,
which can not become liquid short-term and are usually necessary for the
operation of the company and not intended for sale.
Accumulated Depreciation: Is the total amount of the devaluation that took
over a business over the life of each asset. Usually, a company must record
depreciation expense each month, then the depreciation expense becomes
part of accumulated depreciation to track the total depreciation.
LIABILITIES: The liability is debt that the company has, as reflected in the balance
sheet comprises the current obligations of the company are rooted in past financial
transactions.
Accounts Payable: Accounts Payable arising on the purchase of material
goods (inventories), services received, expenses incurred and acquisition of
fixed assets or investments in hiring process.
Taxes Payable: Taxes are benefits today usually money, the state and other
public entities, that they claimed, by virtue of its coercive power, in the form
and amount determined unilaterally and without special consideration in order
to meet the needs collective.
Wages Payable: It is the account where the debts incurred by the company
to its employees and should be paid in a stipulated time period is recorded.
Notes Payable: Is the account where the documents certifying transactions
such as buying real estate or equipment, goods, and other documents replace
some of these debts on open account such as letters, notes and other
recorded depending on who is this account should be separated.
STOCKHOLDERS' EQUITY: The set of produced goods used to produce other
goods. Capital in financial sense is all money that was not consumed by its owner,
but has been saved and placed in the financial market, either buying stocks, bonds,
public funds, or making deposits in depository institutions.
Common Stock: Registered common shares, representing the capital of the
true owners of society; because they are the ones with deliberative power.
Retained Earnings: The balance of this account at the time of the initial
adjustment must be compared with the balance of the account Accumulated

at the same date; the debtor is a restriction on the payment of dividends in

cash and shares.
Revenue: The company receives money or born receivables in its favor, it will
effective on the dates stipulated. Income occurs when business assets increases
and this increase is not due to new members' shares.
Sales returns and allowances: The account records the value of the
returned goods or bonuses given or made by customers; increases by debit,
the record is of the form.
Expenses: In an industrial, commercial or service provision business to function
normally finds it unavoidable to acquire certain goods and services such as: labor,
electricity, telephone, etc.
Cost of Goods Sold: The cost of sales is the cost incurred to sell an asset,
or to provide a service. It is the value that has been incurred to produce or
purchase a commodity to be sold.
Depreciation Expense: Depreciation expenses are periodic savings going
by a company to the end of the life of an asset, the company has a save to
renew the asset (buy one later).
Payroll Tax Expense: These taxes are business expenses and are recorded
as debits to expense account, up to this point the description of payroll taxes
has been linked to taxes that are required to pay employees and withholding
on their wages.
Rent Expense: This account represents the obligation of the company to pay
bills, leases, and other equipment at the time they become due.