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TERMS GROUP 11: Laura Torres y Karen Rodriguez

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TERMS GROUP 11: Laura Torres y Karen Rodriguez

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capital:

is a factor of production made up of durable assets destined for production. it serves to generate value in the company.

inventory:

is a detailed, ordered and valued list of all the assets, rights and debts of a company. It serves to verify the elements that compose the patrimony.

patrimony:

The assets, rights, and obligations that a person, group or company has and uses them to achieve its objectives.

Cost:

refers to the monetary value of expenditures for raw materials, equipment, services, labor, products, etc., that are used to create the product or service.

Consignment:

is a type of agreement whereby a seller agrees to offer the goods of another agent to the public. This is in exchange for a commission.

-Income:

Increases in the worth of the company during the year, either in the form of inflows or increases in the value of assets, or decreases in liabilities.

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Group 10: Daniela Jalkh Velásquez and Angie Tatiana Acosta Salinas

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Group 10: Daniela Jalkh Velásquez and Angie Tatiana Acosta Salinas

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Depreciation: The depreciation method of accounting determines the declining value of a tangible asset over its useful life.

Gross profit: The profit that companies obtain after subtracting the costs related to the provision of their services or the manufacture and sale of their products

Payroll: The total remuneration that a company pays its employees during a given period of time.

Inventory: These are the goods and raw materials that a business uses to make the products it sells.

Trial balance: It is a report that collects the debit and credit positions of a company to verify them.

Accrued: It is the recognition and registration of an income or an expense in the accounting period to which it refers.

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Group #9: Santiago Andrés Castellanos Anaya and Maria José Granados Jaimes

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Group #9: Santiago Andrés Castellanos Anaya and Maria José Granados Jaimes

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1. patrimony: is the set of goods, rights and obligations with which a person, group of people or company has and which it uses to achieve its objectives. In that sense, they can be understood as their resources and the use that is given to them.
2. interest: defined as the index that is used in financial operations to measure the profitability of an economic transaction that may well be savings or investment, as well as the cost of credits with any type of financing entity.
3. Assets: They are tangible and intangible resources of the public accounting entity obtained as a result of past events, and from which it is expected that a potential future economic services or benefits will flow to the public accounting entity in the development of its state mission functions.
4. Liabilities: Accounting term that defines the set of debts and obligations pending payment. While the asset shows what a company has invested in, the liability reports on the origin of the funds to make said investments.
5. accrued expense: Recognition of a payment obligation derived from previously recorded committed expense. It is formalized through the agreement of the corresponding area in the corresponding public entity or Executing Unit regarding the satisfactory reception of the goods and the provision of the requested services and is registered on the basis of the respective supporting documentation.

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Group 8: Valentina Navarrete, Daniela Niño, Natalia Solano

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Group 8: Valentina Navarrete, Daniela Niño, Natalia Solano

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1. Social benefits: Social benefits are legal and additional benefits to the salary that must be recognized by the employer to its employee who has been hired under an employment contract with the organization, in other words, they do not apply to service contracts.

2. Parafiscal contributions: Parafiscal contributions are mandatory contributions imposed by law on employers, which are determined on the taxable base of the total payroll and benefit not only the employees, but also the support of the ICBF, SENA and the Family Compensation Funds (Cajas de Compensación Familiar).

3. Patrimonial Equation: is the comparison of the resources or Assets that are property of the company with the internal obligations (Equity) and the external ones (Passives). According to the principle of economic duality, the company as a person is an accounting fiction because, although it is a legal person, in reality it does not have any net resources, since everything that is owned by it is owed either to third parties (Passives) or to their owners (Heritage).

4. Depreciation: is the mechanism that recognizes for accounting and financial purposes the wear and tear and loss of value suffered by a good or asset due to the use made of it over time.

5. Auxiliary books: these are books where the values and information that have been recorded in the main books are recorded in detail, some examples of this information are: the record of the operations carried out chronologically, the details of the activities carried out, and the records of the value of the movement of each sub-account.

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Group 7: Paula Alejandra Jaimes Pinto, Everlin Mileidys Gutierrez Graffe, Emily Yuliana Mejía Rueda.

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Group 7: Paula Alejandra Jaimes Pinto, Everlin Mileidys Gutierrez Graffe, Emily Yuliana Mejía Rueda.

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1. Accounting standards: a rule describing how the financial information of a company or organization be recorded

2. Income statement: a document showing the company’s profit or loss for a particular period of time.

3. Cost of Goods Sold: It refers to the direct cost related to the production of merchandise sales by the company. This may include the cost of raw materials and the amount of time employees spend on production.

4. Double match:The double-entry system is an accounting method that consists of registering an operation twice, once as a debit and another as a credit.

5. Withholding tax: The withholding tax is not a tribute as such; is the advance withholding of part of the ICA tax. It is made during commercial transactions: the buyer, at the time of acquiring a product or service, withholds part of the payment that must be made to the seller.

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Angela Maria Cardozo Méndez, Danna Valentina Rios Anave.

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1. Securities issuers: These are companies that seek to grow and finance themselves through a public offer on the stock market, by issuing debt or capital securities. They can be State entities or private companies, but it is the Issuer who supports the investment.

2. Accounting supports: Accounting supports are documents that record the different transaction operations of a company. Copies may be made of these documents. When preparing them, extreme care must be taken since these documents can alter the income statement of a company if they are filled out incorrectly.

3. Vouchers: "Accounting vouchers" are documents that allow you to move balances between accounts manually, associate each accounting account with a different contact and also record the opening balances of the balance accounts in the system.

4. Convergence: The accounting convergence process is related to the design and implementation of accounting policies that companies must adapt to their legal nature and economic activity.

5. National Securities Registry: The National Securities Registry (NSR) is in charge of the National Banking and Securities Commission, it is public and the securities subject to public offering and brokerage in the stock market are registered there.

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Grupo 5 : Sharoon Marcela Camargo, Karen Juliana Sanchez, Karen Daniela Arias 

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Grupo 5 : Sharoon Marcela Camargo, Karen Juliana Sanchez, Karen Daniela Arias 

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Depreciation
It occurs when the assets of the company's operation cease to be productive, deteriorate due to their use or become obsolete.
Parafiscal Contributions
are mandatory contributions imposed by law that must be paid by employers, which are determined on the tax base of the total payroll of workers and that benefit not only these, but also the maintenance of the ICBF, the SENA and the Savings Banks. Compensation
Financial statements
They are reports that reflect the state of a company at a given time, usually one year. They are made up of several documents that reflect the financial situation of a business and collect information, both economic and patrimonial, of the companies
Social benefits
Social benefits are legal and additional benefits to the salary that the employer must recognize to his employee who has been linked under an employment contract with the organization
Inventories
The inventory of a company is the record of the set of tangible goods that are in existence, whether for transformation, sale, use or any other aspect that ensures the fulfillment of services to customers.
Accounting Records
Accounting records, also known as trade books or ledgers, are the physical documents of all operations within a company.

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Group 4: Nayra Camila Medina, Luisa Tatiana Corrales

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Group 4: Nayra Camila Medina, Luisa Tatiana Corrales

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Financial Statements: The financial statements, also called annual accounts, financial reports or accounting statements, are the reflection of the accounting of a company and show its economic structure.

Depreciation: It is the loss of value of an asset as a result of its wear and tear over time or also due to its use.

Earned: Corresponds to all the concepts for which an employee receives remuneration, such as Salary, overtime, commissions, transportation assistance, night and day surcharges, etc.

Payroll deductions: These are the discounts or values ​​that are subtracted or deducted from the worker's total accrued, that is, from the total amount of salary received in a month or fortnight.

Patrimony: It is the set of goods, rights and obligations with which a person, group of people or company has and which it uses to achieve its objectives.

Payroll: Certifies that the company has complied with paying the remuneration to its employees.

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Lizeth Natalia Sanabria, Derly Alejandra Orozco.

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GLOSARY.

Earned:
In economics and accounting, the accrual is the principle by which all income or expense is born in the commitment stage, being considered at this time as an increase or decrease in equity for accounting and economic purposes.

Deducted:
A deduction is something that is subtracted, that is deducted, in this case, from income to determine taxable income.

Writs:
The draft is a portfolio collection mechanism where the debtor authorizes his employer to deduct a certain sum from his monthly or biweekly payroll to apply to the cancellation of his obligations before a financial entity.

Embargoes:
Garnishments constitute legal withholdings executed by the employer on the worker's salary, in order to cover an express obligation of the latter.

Payroll:
It is a document in which the accrued value, deductions, appropriations of paraiscal contributions and social benefits, biweekly or monthly of the employees of a company are recorded.

Parafiscal:
Parafiscal resources are those taxes that the law establishes with a mandatory character, affect a certain social or economic group and are used for the benefit of the sector itself.

settlement:
It refers to the process of selling all of a company's assets to generate money to pay off loans, or anyone to whom the company owes money.

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Grupo 2 - Liseth Castellanos, Anggi Ayala y Jessika Arenas. <3 

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Grupo 2 - Liseth Castellanos, Anggi Ayala y Jessika Arenas. <3 

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Payroll: Is the compensation a business must pay to its employees for a set period or a given day.

Inventory: Is refers to all the items, good, merchandise and materials held vy a business for sellings in the market to earn a profit.

Withholding tax: It is the procedure by which the state collects in advance the amount of a certain tax.

Liquidation: Consist of the sale of company's onventory or assets in order to obtains cash quickly.

Accrued: Is a proportion of money that was know for the rendering of services to an organization or employer. However , such salary has not yet been collected. It is composed of: Base salary, transportacion allowance, commissions, overtime and bonuses.

Deductions: Are discounts or amounts that are subtracted or deducted from the total amount earned by the worker. They include social security, payroll loans, garnishment and other possible deductions.

Social benefits: These are additional benefits granted to the employee by law or by the company, such as severance payments, service bonuses, vacations, interest on severance payments, maternity leave, labor endowments, etc.

Depreciation: These are losses in the value or certain assets. They produced by obsolescence and use. They are recognized as an expense. Although assets are depreciated, they don't lose their value, since they can be sold and be of use.

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TERMS GROUP 1: (Javier Alejandro Jiménez Gómez, José Andrés Alvarado Plata).

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TERMS GROUP 1: (Javier Alejandro Jiménez Gómez, José Andrés Alvarado Plata).

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- Fixed Assets: Long-term Assets, they normally provide benefits after a year or more (Ex: Machinery)

- Current Assets: Assets that will be converted to cash within one year (Ex: Cash)

- Accounting: Recording and reporting financial transactions for an organizarion or business in a systematic way.

- Balance Sheet: Financial Report that summarizes a company's assets, liabilities and owner/shareholder equity at a given time.

- FIFO (First-in, First-out): Asset-management and valuation method where Assets produced or acquired FIRST are sold, used or deposed of FIRST.

- Depreciation: Method used to allocate the cost of a tangible or physical asset (Ex: Machinery) over its useful life (How much value has it lost for its yearly use).