What a small business owner should know 

Asset

Liability

Patrimony

Introduction 

Accounting is not a casual event, it is the answer to the social requirements and economic decision making 

It guarantees the growth of social responsibility by improving the productivity and competitiveness of the business sector, managing the equitable distribution of resources, welfare, and justice

 

And most importantly, it magnifies the functioning of control as a behavior in the accounting training, forcing us to make certain details both in aspects of ethnic language and culture and in the compression of the accounting social environment within a global economy

 

Accounting should be the administrative tool that "reports with reliability and checks with security" so that its results are safe and objective and thus the decision making is made with intelligence and can know with certainty the "financial strengths"

 

It is clear that the facts are the result of decisions that conscious or unconsciously we are integrating an economic reality of both the state, organizations and the same individual

 

For this, we have created this practical and comprehensive application, with the objective of addressing the good management of your economic resources so pay attention to the concepts and explanations that help you be

 

“your own accounting administrator”

                                                 What Is An Asset 

It is a physical or intangible product that is under control, that is, it must not have restrictions on its use, usufruct or disposition

You must report future benefits with the assurance of obtaining economic benefits evidenced in money

Your valuations must be reliable, therefore, the price assigned will be reasonably medible in monetary terms

 examples

  a house, a land
  a car
 money in bank accounts
 furniture and accesories

 

ASSETS = LIABILITIES + EQUITY

 

Remember

"the efficient administration of assets is the key to success"

What In A Liability 

It is a physical or intangible product that is increased from meditated debt, it is recognized whenever it is legally acquired

Therefore they are obligations that will have as a background legal facts faced in the law and good customs and that future give money so that they are recognized as a debt 

With the certainty that this will happen and the price or value assigned to the debt is measurable in a reasonable way 

 

Examples

 Accounts payable (credit cards, money for loans received, commercial acquisitions)

 documents to pay (payments, letters of changes)

 mortgages to pay

 

LIABILITIES = ASSETS  -  PATRIMONY

What Is A Patrimony 

It is the real existence of what is owned, evidenced in the assets, they come from the contribution in money or species, in capital quality of those who acquire it. That is to say of their owners increasing their properties

 

In definitive is the economic result between income, costs, and expenses ...

 

PATRIMONY = ASSETS  -  LIABILITIES

 

For you to understand better i share you an example

Mr. "juan perez" has the following resources

As of december 31, 2018 acquires

 

·   a house with debt through a real estate for $ 35,000.00

·  you have money in a savings account in the pichincha bank with $ 23,000.00

·  buy a laptop computer at $ 720.00

· has between furniture and senses $ 12,000.00

 

·  also has last technology equipment valued at $ 15,000.00

 

The accounting equation graphation will be

 

ASSETS:	PASIVES:
BANKS  $23.000,00	HOUSEPAYMENT  $35.000,00
COMPUTERS $720,00	PATRIMONIO: (CAPITAL)
FURNITURE AND  GOODS $12.000,00 ELECTORNIC DEVICES        $15.000,00	CAPITAL MR. JUAN PEREZ     $15.720,00

TOTAL……$50.720,00         TOTAL...$50.720,00

                                                                                        

In conclusion

What mr. Juan perez would be graphed this way

 

ASSET       =        PASIVE     +  PATRIMONY

50.720, 00   =    35.000, 00  +    15.720, 00

 

PASIVE      =       ASSETS    -    PATRIMONY

35.000, 00   =       50.720, 00  -    15.720, 00

 

PATRIMONY =     ASSETS     -       PASIVES

15.7200, 00    =    50.720, 00  -    35.000, 00

 

 The accounting equation is "increased" when "there are investments" and "decreases" when you are "removing or removing as owner"

 Then we have very clear that

The accounting equation is the mathematical way of representing the financial situation in a determined date, locating your left your assets or what you own and your right your liabilities or obligations and the capital which is the real value, and must exactly exactly amount