ASSETS,LIABILITIES &CAPITAL

Professor: ELIÁS VASQUEZ G

Members Noemí moreno 9-748-1088 Nélida Ibarguen 9-748-1532 Edwin Díaz 9-747-1585

DEFINITION Accounting is a fundamental tool in the development of organizations.

Analyze and evaluate the economic results obtained a certain institution, company or organization handles.

Also plans and collects control procedures to establish compliance with the business objectives.

Another important function is the register and classify the company's operations.

Bookkeeping

CAPITAL

Capital = assests-liabilities

LIABILITIES

Fixed or long term liabilities

Current liabilities

ASSETS

Intangible assets

Current assets

Fixed assets

ASSETS REFER TO ALL PROPERTIES OWNED BY AN INDIVIDUAL OR A BUSINESS.

They can be classified as:A. Fixed assets: they are anything considered as a permanent or fixed past

of a business.B. Current assets: involves cash and other asset or resources identified as

those expected to be converted into cash quickly.C. Intangible assets: these are items lacking material existence such as

goodwill.

LIABILITIES the present obligations of a business, which must be paid or otherwise satisfied at a definite time in the future, according to the terms of the agreements with creditors.A. Current liabilities: include all the obligations to be paid within a

year from the balance sheet date .B. Fixed or long term liabilities: these liabilities involve all due

obligations acquired, the payment of which will be made after the periods required for the current liabilities.

Capital This represents the economic rights or equities in the assets of business of the person or persons who own it .

The amount of capital, furthermore, results from deducting total liabilities and withdrawals from total assets plus profits.

Assets, liabilities and capital constitute the fundamental elements of accounting, and the relationship between them is shown by means of the bookkeeping equations Assets= liabilities + capital

CONCLUSION Accounting is a discipline that deals especially with study and measurements on finances and wealth as well as individuals or companies for thus know for certain the status of accounts and thus they can have better money, plan investments, purchases, among other operations, and on the other hand, that they comply in a timely way with taxes and regulations in tax sense.