vocabulary
What is a ledger?
All transactions of a period
What is the primary purpose of taxes?
To finance government projects
Type of trade carried out within the same country?
Inside trade
What is the main purpose of financial accounting?
To record and summarize financial transactions
who is known as the "father of accounting"?
luca pacioli
What is a fiscal year?
A fiscal year is from january 1 to december 31
What is VAT (Value-Added Tax)?
A tax on sales
What are the main factors that influence international trade between countries?
Economy, políticas stability
Which of the following is considered a liability?
Accounts Payable
What is the capital city of France?
París
What are the assets?
Assets are goods and rights
What is the difference between a direct tax and an indirect tax?
A direct tax is paid directly to the government, while an indirect tax is paid through a third party.
It si the type of trade that occurs between different countries?
Foreign trade
What is the formula for calculating net income?
Revenue - Expenses
Who wrote the play "Romeo and Juliet"?
William Shakespeare.
Containing the cash flow?
Contains the origin and application of money
What is a tax return?
A report used to declare income and expenses
The NAFTA involves the following countries?
México EUA and Canadá
Which financial statement shows a company’s financial position at a specific time?
Balance Sheet
Which planet is known as the "Red Planet"?
Mars.
What are taxes?
Are contributions to the State
What is the purpose of a tax audit?
To detect errors in tax returns
type of currency used in México?
Mexican pesos
What does “depreciation” represent in accounting?
The decrease in an asset’s value over time
Who painted the Mona Lisa?
Leonardo da Vinci.