1ST 2T

TAXES are used to...

• increase the public spending on education, health, the environment, and culture, among others.

• finance the public spending on education, health, the environment, and culture, among others.

• avoid the public spending on education, health, the environment, and culture, among others.

Concept of Accounting

• Theory developed by Luca Paccioli in 1494.

• Document that shows what the company owns.

• Science that presents the information of the business.

Where does the Accounting present the financial information of a business?

• Through financial statements.

• In the company's website.

• Through invoices.

2 types of financial stament:

• Balance Sheet and Profit and Loss

• Profit and Loss and Cash Flow Statement

• Balance Sheet and Retained Earnings Document

Who is the father of the Modern Accounting?

Who is the father of the modern accounting?

• Luca Pacioli
• Leonardo da Vinci
• Nicolaus Copernicus

Why is Luca Pacioli the father of modern accounting?

• He developed the abacus.

• He developed the theory of double-entry.

• He invented the concept of debit and credit.

Steps in the accounting application:

What is the double-entry?

• A system of recording transactions in two parts
• A method of entering data twice for verification
• A type of journal entry in accounting

Rules of the Double Entry