They are each of the assets, rights and obligations that are part of the assets of the companies. The conceptual framework of the International Accounting Standards Board (International Accounting Standards Board, IASB) defines five basic elements that make up accounting:[19]​.

All of these must follow a logical itinerary for proper accounting, the steps of which are reflected in the financial statements:

El patrimonio de una empresa es el conjunto de bienes, derechos y obligaciones relativos a una empresa que constituyen los medios económicos y financieros a través de los cuales puede cumplir sus objetivos.[20]​.

El patrimonio está formado por multitud de elementos de carácter muy dispar, por lo que se denomina, como ya se mencionó, elemento patrimonial a cada uno de los bienes, derechos y obligaciones que forman parte de la empresa.

A efectos de su valoración, el patrimonio está formado por una parte positiva (activo), constituida por los bienes (elementos materiales), así como de los derechos (elementos intangibles), derivados de relaciones jurídicas de la empresa y una parte negativa (pasivo), formada por las obligaciones. La suma algebraica del valor positivo de los bienes y derechos, junto con el valor negativo de las obligaciones daría como resultado el valor del patrimonio neto.

La ecuación fundamental del patrimonio expone que se cumple cuando la suma del valor de los activos (bienes y derechos) es igual a la suma del valor de los pasivos y del patrimonio neto (capital).[16]​.

Asset

The asset is the set of goods (material elements) and rights (intangible elements) economically controlled by the company, derived from legal relations of ownership, possession, use, credit, etc. Which is divided into current, fixed and deferred.

Liabilities and Net Worth (PN)

This item can be calculated as the difference between assets and liabilities. The accounting equation is thus fulfilled: Total assets = Total liabilities + Net equity (Capital); or what is the same, Total assets − Total liabilities = Net equity (Capital), then being Total assets − Current liabilities − Non-current liabilities = Accounting net equity.[16]​ It can also be calculated by the grouping or direct sum of the elements that basically make up capital plus reserves plus results for the year.

La contabilidad, como ciencia, utiliza un método denominado contable, que se compone de cuatro pasos:[15]​.

Charge and credit agreement and double entry system

To charge or debit an account is to make a debit note, while to credit or credit an account is to make a credit note. In asset accounts, when it increases, they are debited, and when it decreases, they are credited. In the liability and capital accounts, when it increases, they are credited, and when it decreases, they are debited.

Regarding the effect that commercial transactions have without altering the equity equation, although each transaction affects the balance sheet, it changes the values ​​in the equity, but without altering the equality of the equation. In each of these transactions, at least two accounts operate. There are seven types of transactions that follow the debit and credit theory.

Double entry system

The double entry system consists of the fact that, in each accounting event, there must be at least one debit in one account and a credit in another, and the sum of the debits must be equal to the sum of the credits made; In other words, all the resources that exist in a company are the result of the application of resources that had a defined source.

The "double entry" as an accounting technique obeys the following criteria:.

Balance

The difference between debits (entries made in the debit of an account) and credits (entries made in the credit of an account) is called the balance of an account. When the debits are greater than the credits it will be a debit balance, however when the credits are greater than the debits it will be a credit balance. When the debits are equal to the credits, it will be understood that the account is settled, balanced or without a balance.

Preparation of the balance sheet and income statement

When all the accounting entries have been made in the journal, the balance of each of the accounts is calculated and a transitional statement called trial balance or balances is prepared, which is a list of all the open accounts with their balance. The sum of the credit balances must be equal to the sum of the debit balances, due to the aforementioned double entry system.

Starting from the balance of sums and balances, the so-called regularization entry is made in which all income and expense accounts are regularized and the profit and loss account appears. The balance sheet is thus obtained after regularizing the trial balance.

Los libros de contabilidad son los documentos que soportan y reflejan los hechos con trascendencia en la realidad económica de la empresa a lo largo de un período de tiempo. La legislación mercantil establece cuáles son los libros contables obligatorios para las empresas. Los libros de contabilidad principales son:.

Conservation

From a legal point of view, the law usually sets the period during which business owners must keep their mandatory books (journal, inventories and annual accounts) and non-mandatory books (general ledger, value added tax records, auxiliaries, etc.), as well as the documentation and supporting documents that support the entries recorded in the books. In Spain, this conservation period is set at six years.[25] Mandatory books must be kept on paper and in an appropriate binding.

El funcionamiento de la contabilidad es regulado por las normas contables, que debido a diferencias de carácter fiscal, cultural, económicas y políticas, presentan diferencias entre los países, lo que dificulta la comparabilidad de la información publicada por las empresas en distintos países. Estas normas pueden ser aprobadas de forma legal o pueden estar reguladas por entidades privadas de carácter profesional. Su contenido incluye los principios, reglas y prácticas necesarias para preparar los estados financieros.[26]​.

Financial statements or annual accounts

The so-called financial statements or annual accounts are reports that show, in a summarized form, the fundamental data of the accounting process of a financial year. They are prepared once a year, after the end of the financial year. The documents that comprise them must be clear and express a true image of the assets, financial situation and results of the company to which they refer.

Although each country regulates the mandatory content of financial statements, they usually consist of the following elements:

Financial statements provide reports that institutions can use to report the economic and financial situation and the changes it experiences as of a given date or period. This information is useful for administrators, managers, regulators and other types of stakeholders such as shareholders, creditors or owners.

According to the conceptual framework for the preparation and presentation of financial statements, there are four measurement criteria:

Assets are recorded at the amount of cash or cash equivalents paid, or at the fair value of the asset delivered to

change at the time of acquisition. Liabilities are recorded at the value of the proceeds received in exchange for incurring the obligation or, in some circumstances (for example, income tax payable) at the amounts of cash or cash equivalents expected to be paid to extinguish the corresponding obligation.

Assets are accounted for at the amount of cash, or cash equivalents, that would have to be paid if the same asset or another asset with similar characteristics were currently acquired. Liabilities are recorded at the amount of cash or cash equivalent that is required to settle the obligation at the present time.

Assets are recorded in accounting for the amount of cash or cash equivalents that could be obtained, at the present time, in the non-forced sale of the same. Liabilities are recorded at their liquidation values, that is, the undiscounted amounts of cash or cash equivalents expected to be paid for the obligations in the normal course of operations.

Assets are recorded at current value, discounting future net cash inflows expected to be generated by the

departure in the normal course of operations. Liabilities are recorded at their current value, discounting the net cash outflows that will be needed to pay the obligations in the normal course of operations.

Accounting is a technical discipline that, based on the processing of data on the composition and evolution of the assets of an entity.[1]​ Currently there are discussions on the table that try to define an ontological status of accounting, in which there are great disagreements about whether it has achieved a scientific status, that is, whether it can be called science or, failing that, art, language, or simply technique.

To avoid this discussion, people often choose to refer to accounting as "discipline." However, some authors have made an effort to argue their position on this issue.

One of the ontological definitions that seems to have the greatest capacity argued from the conceptions of the history of science and epistemology, is the one that calls it a technology of an immaterial nature or "soft technology".[27]​ This does not mean abandoning the scientific nature of the accounting profession, on the contrary, it shifts the center of attention to the point of defining a certain scientificity of the accounting profession, from the tool (accounting) to the actor and operator of said tool, Accountant. In this sense, the accountant would be the subject, who can acquire scientific status by making use of a socially developed tool (accounting), capable of being calibrated under the rules of different "accounting standards" to reasonably measure the exchanges of resources in an organization, whether a private or public company, a department or a country.[28]​.

Likewise, it must be recognized that in most scientific publications, the word "science" is the most used to refer to accounting, however, there are no arguments to support the use of the word. Likewise, the use of the word "discipline" constitutes a neutral option in this discussion since it brings together the aspects related to the accounting exercise without first having to define its scientific status.

To understand the importance of financial information, it is necessary to know and understand its meaning and usefulness. [29]​.

Mexico

In Mexico, the legal framework that determines the obligation to keep a record of business is found in the Commercial Code in its article 33, as well as in the General Law of Commercial Companies, the Federal Tax Code, the Income Tax Law "Income Tax (Mexico)"), the Value Added Tax Law and finally in the regulations of the latter.

They are each of the assets, rights and obligations that are part of the assets of the companies. The conceptual framework of the International Accounting Standards Board (International Accounting Standards Board, IASB) defines five basic elements that make up accounting:[19]​.

All of these must follow a logical itinerary for proper accounting, the steps of which are reflected in the financial statements:

El patrimonio de una empresa es el conjunto de bienes, derechos y obligaciones relativos a una empresa que constituyen los medios económicos y financieros a través de los cuales puede cumplir sus objetivos.[20]​.

El patrimonio está formado por multitud de elementos de carácter muy dispar, por lo que se denomina, como ya se mencionó, elemento patrimonial a cada uno de los bienes, derechos y obligaciones que forman parte de la empresa.

A efectos de su valoración, el patrimonio está formado por una parte positiva (activo), constituida por los bienes (elementos materiales), así como de los derechos (elementos intangibles), derivados de relaciones jurídicas de la empresa y una parte negativa (pasivo), formada por las obligaciones. La suma algebraica del valor positivo de los bienes y derechos, junto con el valor negativo de las obligaciones daría como resultado el valor del patrimonio neto.

La ecuación fundamental del patrimonio expone que se cumple cuando la suma del valor de los activos (bienes y derechos) es igual a la suma del valor de los pasivos y del patrimonio neto (capital).[16]​.

Asset

The asset is the set of goods (material elements) and rights (intangible elements) economically controlled by the company, derived from legal relations of ownership, possession, use, credit, etc. Which is divided into current, fixed and deferred.

Liabilities and Net Worth (PN)

This item can be calculated as the difference between assets and liabilities. The accounting equation is thus fulfilled: Total assets = Total liabilities + Net equity (Capital); or what is the same, Total assets − Total liabilities = Net equity (Capital), then being Total assets − Current liabilities − Non-current liabilities = Accounting net equity.[16]​ It can also be calculated by the grouping or direct sum of the elements that basically make up capital plus reserves plus results for the year.

La contabilidad, como ciencia, utiliza un método denominado contable, que se compone de cuatro pasos:[15]​.

Charge and credit agreement and double entry system

To charge or debit an account is to make a debit note, while to credit or credit an account is to make a credit note. In asset accounts, when it increases, they are debited, and when it decreases, they are credited. In the liability and capital accounts, when it increases, they are credited, and when it decreases, they are debited.

Regarding the effect that commercial transactions have without altering the equity equation, although each transaction affects the balance sheet, it changes the values ​​in the equity, but without altering the equality of the equation. In each of these transactions, at least two accounts operate. There are seven types of transactions that follow the debit and credit theory.

Double entry system

The double entry system consists of the fact that, in each accounting event, there must be at least one debit in one account and a credit in another, and the sum of the debits must be equal to the sum of the credits made; In other words, all the resources that exist in a company are the result of the application of resources that had a defined source.

The "double entry" as an accounting technique obeys the following criteria:.

Balance

The difference between debits (entries made in the debit of an account) and credits (entries made in the credit of an account) is called the balance of an account. When the debits are greater than the credits it will be a debit balance, however when the credits are greater than the debits it will be a credit balance. When the debits are equal to the credits, it will be understood that the account is settled, balanced or without a balance.

Preparation of the balance sheet and income statement

When all the accounting entries have been made in the journal, the balance of each of the accounts is calculated and a transitional statement called trial balance or balances is prepared, which is a list of all the open accounts with their balance. The sum of the credit balances must be equal to the sum of the debit balances, due to the aforementioned double entry system.

Starting from the balance of sums and balances, the so-called regularization entry is made in which all income and expense accounts are regularized and the profit and loss account appears. The balance sheet is thus obtained after regularizing the trial balance.

Los libros de contabilidad son los documentos que soportan y reflejan los hechos con trascendencia en la realidad económica de la empresa a lo largo de un período de tiempo. La legislación mercantil establece cuáles son los libros contables obligatorios para las empresas. Los libros de contabilidad principales son:.

Conservation

From a legal point of view, the law usually sets the period during which business owners must keep their mandatory books (journal, inventories and annual accounts) and non-mandatory books (general ledger, value added tax records, auxiliaries, etc.), as well as the documentation and supporting documents that support the entries recorded in the books. In Spain, this conservation period is set at six years.[25] Mandatory books must be kept on paper and in an appropriate binding.

El funcionamiento de la contabilidad es regulado por las normas contables, que debido a diferencias de carácter fiscal, cultural, económicas y políticas, presentan diferencias entre los países, lo que dificulta la comparabilidad de la información publicada por las empresas en distintos países. Estas normas pueden ser aprobadas de forma legal o pueden estar reguladas por entidades privadas de carácter profesional. Su contenido incluye los principios, reglas y prácticas necesarias para preparar los estados financieros.[26]​.

Financial statements or annual accounts

The so-called financial statements or annual accounts are reports that show, in a summarized form, the fundamental data of the accounting process of a financial year. They are prepared once a year, after the end of the financial year. The documents that comprise them must be clear and express a true image of the assets, financial situation and results of the company to which they refer.

Although each country regulates the mandatory content of financial statements, they usually consist of the following elements:

Financial statements provide reports that institutions can use to report the economic and financial situation and the changes it experiences as of a given date or period. This information is useful for administrators, managers, regulators and other types of stakeholders such as shareholders, creditors or owners.

According to the conceptual framework for the preparation and presentation of financial statements, there are four measurement criteria:

Assets are recorded at the amount of cash or cash equivalents paid, or at the fair value of the asset delivered to

change at the time of acquisition. Liabilities are recorded at the value of the proceeds received in exchange for incurring the obligation or, in some circumstances (for example, income tax payable) at the amounts of cash or cash equivalents expected to be paid to extinguish the corresponding obligation.

Assets are accounted for at the amount of cash, or cash equivalents, that would have to be paid if the same asset or another asset with similar characteristics were currently acquired. Liabilities are recorded at the amount of cash or cash equivalent that is required to settle the obligation at the present time.

Assets are recorded in accounting for the amount of cash or cash equivalents that could be obtained, at the present time, in the non-forced sale of the same. Liabilities are recorded at their liquidation values, that is, the undiscounted amounts of cash or cash equivalents expected to be paid for the obligations in the normal course of operations.

Assets are recorded at current value, discounting future net cash inflows expected to be generated by the

departure in the normal course of operations. Liabilities are recorded at their current value, discounting the net cash outflows that will be needed to pay the obligations in the normal course of operations.

Accounting is a technical discipline that, based on the processing of data on the composition and evolution of the assets of an entity.[1]​ Currently there are discussions on the table that try to define an ontological status of accounting, in which there are great disagreements about whether it has achieved a scientific status, that is, whether it can be called science or, failing that, art, language, or simply technique.

To avoid this discussion, people often choose to refer to accounting as "discipline." However, some authors have made an effort to argue their position on this issue.

One of the ontological definitions that seems to have the greatest capacity argued from the conceptions of the history of science and epistemology, is the one that calls it a technology of an immaterial nature or "soft technology".[27]​ This does not mean abandoning the scientific nature of the accounting profession, on the contrary, it shifts the center of attention to the point of defining a certain scientificity of the accounting profession, from the tool (accounting) to the actor and operator of said tool, Accountant. In this sense, the accountant would be the subject, who can acquire scientific status by making use of a socially developed tool (accounting), capable of being calibrated under the rules of different "accounting standards" to reasonably measure the exchanges of resources in an organization, whether a private or public company, a department or a country.[28]​.

Likewise, it must be recognized that in most scientific publications, the word "science" is the most used to refer to accounting, however, there are no arguments to support the use of the word. Likewise, the use of the word "discipline" constitutes a neutral option in this discussion since it brings together the aspects related to the accounting exercise without first having to define its scientific status.

To understand the importance of financial information, it is necessary to know and understand its meaning and usefulness. [29]​.

Mexico

In Mexico, the legal framework that determines the obligation to keep a record of business is found in the Commercial Code in its article 33, as well as in the General Law of Commercial Companies, the Federal Tax Code, the Income Tax Law "Income Tax (Mexico)"), the Value Added Tax Law and finally in the regulations of the latter.