Objective of AccountingAccounting studies the assets of entities to ensure their control and provide them with information for decision-making in their economic activities.Objective of the OwnersTo understand their risks, costs, and return on capital.Objective of the ManagersTo understand their costs, contribution margin, break-even point, and pricing. To optimize decisions based on past and present data in order to plan future measures.Objective of the FinanciersPayment capacity and level of indebtedness.Objective of the GovernmentTaxation and collection of taxes, fees, contributions, and formulation of economic policy guidelines.Objective of the Minority ShareholderRegular flow of dividends.Objective of the EmployeesCapacity to pay salaries, growth prospects.Subdivisions of AccountingAccounting is subdivided into specific areas according to the scope of its application, such as Financial Accounting (or Corporate Accounting), Cost Accounting, Managerial Accounting, and Tax Accounting.The latter focuses on taxes – taxes and fees that the company must calculate and pay. The previous ones are explained below:a) Financial or Corporate Accounting – Mandatory - is concerned with presenting information to the organization’s external public and thus effectively follows generally accepted accounting principles, being restricted to the rules imposed by accounting principles that limit the classification of certain items on the Balance Sheet and the recognition of revenue. Financial accounting aims to provide resources so that entities can prepare:the bookkeeping of transactions involving their assets;the financial statements;tax planning;mandatory declarations; andpresentations of economic and financial changes;b) Managerial Accounting – Optional - is concerned with information useful to the entity’s managers, including historical and estimated data used by management in conducting daily operations, planning future operations, and developing business strategies. This information is used to decide, for example, whether the company should start producing a new product or abandon an existing product; whether it should manufacture a certain component of its main product or hire another company to produce it. It is even used to decide the price the company should charge for a new product. These are decisions that may determine its future profitability and survival.c) Cost Accounting: measures and reports financial and non-financial information related to the acquisition and consumption of resources by the organization and the information necessary to evaluate inventories, providing great support for Financial Accounting. It lies in an overlapping area between this latter area, Financial Accounting, and Managerial Accounting, presented above;d) Tax Accounting: aims to provide specific reports required by law to tax authorities, especially the Federal Revenue Secretariat (SRF), but it should not be confused with Financial or Corporate Accounting.Basic ConceptsAssetsIt is the set of elements necessary for the existence of an entity (company), that is, the set of assets, rights, and obligations.Share CapitalIt is the invested amount that will be made available to the company by each partner, whether financial assets or material assets. Share capital is the company’s initial equity, but share capital and equity do not have the same meaning. When the company begins to accumulate its own resources (make a profit), share capital will be only one part of equity.Company or EntityIt is any individual or legal entity that owns assets. It results from the combination of 3 factors of production: Nature, Capital, and Labor.GoodsEverything that can be economically evaluated and satisfies human needs;TangibleThey have physical existence, existing as a thing or object.Ex.: Money, merchandise for resale, real estate, machinery, vehicles, furniture, equipment, etc.IntangibleThey do not have physical existence, existing as a thing or object.Examples: Trademarks and patents, shares or capital quotas.RightsThese are assets owned by us that are in the possession of third parties. (amounts receivable). Ex.: accounts receivable, securities receivable, promissory notes receivable, rent receivable, customers, money in the bank, financial investments, etc.ObligationsThese are assets owned by third parties that are in our possession. (amounts payable). Ex.: accounts payable, securities payable, promissory notes payable, rent payable, suppliers, taxes payable, etc.Full OwnershipWhen an entity has possession and control over a certain asset.IncomeIt is the result of economic activity that causes changes in assets (profit or loss).Accounting BasisAccounting bases are the different methods used to record a company’s financial transactions. There are two possible methods: the accrual basis and the cash basis.Cash BasisA basis under which income is determined by comparing receipts and payments during the administrative period. It is the basis used by non-profit entities.It is an accounting method in which financial movements are only recorded when they enter or leave cash. In other words, if the company incurs an expense in January and only makes the payment in March, the accounting entry will be made in March.Accrual BasisA basis under which income is determined by comparing revenues and expenses incurred during the fiscal year. It is the basis used by for-profit entities.In practice, this means that accounting records are recorded when they are incurred. In other words, if the company incurs an expense in January and only makes the payment in March, the accounting entry will be made in January.Fiscal YearIt is the period of time (12 months) after which legal entities determine their results; it may or may not coincide with the calendar year, according to the provisions of the bylaws or articles of association.Treasury SharesThe term treasury shares is used to refer to shares that are held in the company's custody. It is a portion of the shares that remain with the company, either because they were never offered to investors or because they were repurchased. It decreases the value of the company's equity. Since profit is only divided among outstanding shares, each outstanding share will receive a higher amount if there are treasury shares.DepreciationDepreciation is the loss of value of a company's assets or goods over time. In other words, depreciation is defined by the time during which an asset remains operational or necessary for the production line. It decreases the value of the asset.What an Accounting Technician DoesBookkeeping: recording equity-related events continuously and methodically, supported by the documentation related to these events;Reporting: the process of providing useful, timely, and appropriate information according to the user's needs;Auditing or review: the inspection carried out on accounting records in order to verify the accuracy of administrative events;Balance Sheet Analysis: the process of transforming data into useful information for the various users of accounting information.Fundamental Accounting PrinciplesEntity PrincipleRecognizes equity as the object of Accounting and affirms patrimonial autonomy, where the entity's assets cannot be confused with the assets of its owners;Going Concern PrincipleThe continuity or discontinuity of the entity, as well as its established or probable life, must be considered when classifying and evaluating quantitative and qualitative changes in equity.Timeliness PrincipleRefers simultaneously to the timeliness and completeness of recording changes in equity (it must be done at the right time and to the correct extent);Original Cost PrincipleThe components of equity must be recorded at the original value of the transactions, expressed in present value in the country's currency.Monetary Adjustment PrincipleThe effects of changes in the purchasing power of the national currency must be recognized in accounting records through the adjustment of the formal expression of values; it does not represent a new valuation, but only the adjustment of the original values;Prudence PrincipleDetermines the adoption of the lowest value for asset components and the highest value for liability components; that is, the Prudence Principle imposes the choice of the assumption that results in the lowest equity.Accrual PrincipleRevenues and expenses must be included in the calculation of the result for the period in which they occur, always simultaneously when they are correlated, regardless of receipt or payment.For example, if it is a purchase with advance payment, this purchase will only be recorded as an asset of the purchasing company on the date when the sale is recognized by the selling company, which is when it issues the sales invoice (NF).Equity ItemsAssetsSet of goods and rights (positive part), also called Gross Equity.LiabilitiesSet of obligations (negative part). Also called Third-Party Capital or Payable Liabilities.EquityDifference between Assets and Liabilities. Represents the entity's obligations to partners or shareholders. It is the part of equity that will measure or assess the entity's situation or condition; it is also called Non-Payable Liabilities or Net Worth.Accounting EquationEQUITY = ASSETS - LIABILITIESorEQUITY = Goods + Rights - ObligationsEquity SituationsASSETS > LIABILITIESEquity is POSITIVE / SURPLUS• Favorable Situation PL + or SL +• Occurs when goods and rights (Assets) exceed the value of obligations to third parties (Payable Liabilities)ASSETS < LIABILITIESEquity is NEGATIVE / DEFICIT• Unfavorable Situation PL (-) or SL (-) or Uncovered Liabilities• Occurs when goods and rights (Assets) are less than obligations to third parties (Payable Liabilities)ASSETS = LIABILITIESEquity is NULL / BALANCED• NULL Situation, Apparent Balance A = PE, therefore PL = 0• Occurs when goods and rights (Assets) are equal to obligations to third parties (Payable Liabilities); in this case, equity will be null.ASSETS = EQUITY• Full Situation or Total Ownership A = PL, therefore PE = 0• Occurs when goods and rights (Assets) are equal to equity; in this case, obligations to third parties (Payable Liabilities) will be null.PAYABLE LIABILITIES = EQUITY• Situation of Nonexistence of Assets PE = (PL), therefore A = 0• Occurs when obligations to third parties (Payable Liabilities) are equal to negative equity; in this case, assets will be null.Exercises1) (IBFC-2022) In Accounting, the existence of the Accounting Equation, also known as the Basic Accounting Equation, is known. Regarding its composition, it is correct to state:A) Equity + Assets = LiabilitiesB) Assets + Liabilities = EquityC) Liabilities - Equity = AssetsD) Assets - Liabilities = Equity2) (FAFIPA - 2022) Regarding the accounting equation, consider the statements:I- By subtracting Equity from Liabilities, Assets are obtained.II- By subtracting Current Liabilities from Current Assets, Non-Current Assets are obtained.What is stated is CORRECT in:A) Only I is true.B) Only II is true.C) None of the alternatives.D) I and II are true.E) I and II are false.3) (IBFC- 2022) The table below presents the accounting balances on 10/30/20X2 of the company AA Ltda.Accounting BalancesAmounts in R$Suppliers40,000.00Customers40,000.00Vehicles25,000.00Bank loans45,000.00Banks35,000.00Taxes Payable20,000.00Inventories50,000.00Salaries and charges payable25,000.00Profit Reserve23,000.00Equipment80,000.00Based only on the information above and, considering the fundamental equation of equity, select the correct alternative that presents, respectively, the values of the company's Capital and Equity.A) R$ 167,000.00 and R$ 190,000.00B) R$ 100,000.00 and R$ 77,000.00C) R$ 55,000.00 and R$ 135,000.00D) R$ 135,000.00 and R$ 55,000.00E) R$ 77,000.00 and R$ 100,000.004) (IBFC- 2022) Regarding the Accounting Equation and its variations, an equity situation presents the nonexistence of assets and occurs when obligations to third parties are equal to negative equity. In this case, we can state that it is:A) Liabilities Payable = EquityB) Assets = EquityC) Assets = LiabilitiesD) Assets < Liabilities5) (FUNDATEC - 2022) Among the existing accounting statements, one of the main ones is the balance sheet. It presents the amounts in applications, total resources, and third-party resources. In this sense, mark the alternative that corresponds to the positive accounting equation.A) A<L=E+B) A=L=E zeroC) L>A=E-D) L<A=E+E) A>L=E zero6) ( CESPE CEBRASPE - 2022) In the accounting equation,A) assets are inversely related to liabilities.B) assets are inversely related to equity.C) equity is directly related to assets.D) liabilities are directly related to equity.E) equity is directly related to liabilities.7) The next table presents the accounts of a given company.accountamount (in R$)treasury shares50,000.00share capital180,000.00customers82,000.00accumulated depreciation35,000.00cash and cash equivalents10,000.00loans to affiliate23,000.00inventories40,000.00suppliers20,000.00property, plant and equipment105,000.00capital reserve15,000.00legal reserve12,000.00profit reserve20,000.00According to the fundamental accounting equation, this company’s liabilities are equal toA) R$ 20,000.00.B) R$ 28,000.00.C) R$ 68,000.00.D) R$ 40,000.00.E) R$ 48,000.00.8) (IUDS - 2022) Entrepreneur João sets up a company to sell shoes with initial capital of R$45,000.00. At this initial moment, what is the company’s net equity position?A) R$ 45,000.00.B) R$ 39,000.00.C) R$ 22,500.00.D) R$ 14,500.00.9) (EEAR - 2022) Regarding the possible net equity positions, which term does not represent the net equity position of “Assets less than Liabilities”?A) Uncovered Liabilities.B) Positive Net Equity Position.C) Negative Net Equity Position.D) Deficit Net Equity Position.10) (CESPE / CEBRASPE - 2025 - EMBRAPA - Technician – Area: Supply, Maintenance and Services – Subarea: Management Support) Regarding public accounting, judge the following item. "Liabilities consist of a present obligation of the entity, although derived from a past event."A) CorrectB) IncorrectSolution1) D2) C3) E4) A5) D6) C7) E8) A9) B10) A
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