1. ACCOUNTING PRINCIPLES GLOSSARY
1 Accountant: Contador: Is that manage and interpret the accounts of an organization or
person, in order to produce reports for management and others (both independently as a
dependent) useful for decision-making.
2 Payroll: Nomina: In a company, payroll is the sum of all financial records of salaries for an
employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to
employees for services they provided during a certain period of time. Payroll plays a major role
in a company for several reasons.
3 Price: Precio: Generally called the payment or reward money allocated to obtaining a good or
service or, more generally, any commodity.
4 Tax: Impuesto: The tax is a type of tax (generally pecuniary obligations to the creditor tax)
governed by public law. It is characterized by not requiring a direct consideration or determined
by the Inland Revenue administration (tax creditor).
5 Liabilities: Pasivo: a liability is a debt or commitment that makes acquired a company,
institution or individual. By extension, it is also called the entire debt liabilities of a company.
6 Actives: Activos: an asset is tangible or intangible that has a company or individual. By
extension, it is also called asset to all the assets of a company. In itself, it is what a company
owns. The active part of the actual accounts or balance.
7 Accounts payable: Cuentas por pagar: An account payable is any input from a debtor,
which appears as a result of a purchase of goods or services on credit terms, to the creditor.
8 Debt: Débito: Debit refers to money that is already the property of the client, who has it in a
bank account, unlike credit where money used is borrowed from the bank.
9 Inventory: Inventarios: In an organization or company, is the ordered list of goods and
inventory, to a certain date. In accounting, a current asset account that represents the value of
existing goods in a warehouse. In accounting, inventory is a detailed list of stocks within the
active material, which should show the number of units in existence, the description of the
items, unit prices, the amount of each item, the partial sums of groups and ratings and total
inventory.
10 Profit: Ganancia: Profit, advantage or benefit of economic order obtained by a company in
the course of its operations. The word is also used to describe, in a more concrete sense, the
difference between the price at which you sell a product and the cost of it.
11 Purchase: Compra: It is the acquisition of a fixed asset which creates an obligation to pay.
The fixed asset purchases are made using the procedure with respect to the Investment
Authorization Requests.
12 Venta: Sale: It is the delivery of an asset to another entity creating a collection right and
therefore ownership change. In such cases the motion model should be supported by an
invoice, with permission of the officer authorized to do so in the appropriate level, which
specifies the conditions and terms of payment.

2. 13 Stock holders: Patrimonio: The excess of assets over liabilities. The value of the owner's
net investment in a company more profits from successful operations that have been retained.
14 Settlement: Saldos: Difference between total debits and credits in an account. Collect
necessary to compare the total debits and credits in an account. A debit balance represents the
excess of debits over credits, and one creditor, excess credits over debits.
15 creditor: Acreedor: The part of a credit transaction that sells a service or merchandise and
gets a receivable.
16 Cost: Costo: It is the magnitude of the material, labor and money required to achieve a
certain production volume with a certain quality. The cost of production comprises all the
expenses related to the use of tangible fixed assets, raw materials and materials, fuel, energy
and labor in the production process, as well as other related expenses with the manufacturing
process, all expressed in monetary terms.
17 Client: Cliente: It is called an entity given to a person, business establishment or entity that
uses their services, are the final consumers.
18 check: Cheque: A check is "a bill of exchange drawn on a bank, payable on demand."
Usually checks are classified under the general heading of bills, but they differ from those in
which they have been additionally involve drawn against a deposit, and are always payable on
demand.
19 bill: Cuenta: The detailed record of the changes that have occurred in an asset, a liability or
equity owner in particular during a period. A record used to summarize all increases and
decreases in a particular asset, such as cash, stocks or any other type of asset, liability or
equity, revenue or expense.
20 Accrued: Causado: Accounting is one in which economic events are recognized when they
occur, regardless of whether there is an expense or an immediate income as a result of the
realization of economic fact.
21 accounts receivable: Cuentas por cobrar: An asset, a promise to receive cash from
customers to whom the business has sold them goods or provided services, documented in
writing by an invoice.
22 accounting: Contabilidad: It is the process of interpreting, recording, classifying, and
summarizing measure in monetary terms the economic activity that happens in an organization.
The fundamental purpose of accounting is to provide information about an economic entity. This
entity may be a company, a military unit, a hospital, a school, a farm, etc.
23 liquidation: Liquidación: The breakdown process and discontinuation of a company,
including the sale of assets, pay creditors, and distribute remaining assets to owners. Delivery
or return valuable documents; advances for food and cash to the officer designated in the term
of time for each case.
24 income: Ingreso: Increase in owner's equity is gained to deliver goods or services to
customers.
25 interest: Intereses: is an index used to measure the profitability of the savings and also the
cost of credit. Is generally expressed as a percentage.