Accounting and NIF Series Notes

Practice flashcards covering definitions of accounting, NIF series classifications, T-account elements, and account balance mechanics based on lecture notes.

Accounting (Contabilidad)

According to NIF standards effective in 2026, a technique used to record, classify, summarize, and communicate the economic operations of an entity, with the purpose of generating financial information useful for decision-making.

NIF A

Conceptual Framework (Marco Conceptual) of the Financial Reporting Standards.

NIF B

Standards applicable to financial statements as a whole.

NIF C

Standards applicable to specific concepts of financial statements.

NIF D

Standards applicable to problems of determining results.

NIF E

Standards applicable to specialized activities of different sectors.

Types of Accounting (Tipos de Contabilidad)

The five categories of accounting identified in the notes: Financial, Administrative, Cost, Governmental (national), and Tax accounting.

T-Account (Cuenta de Mayor / Cuenta T)

The graphic representation of the general ledger (libro mayor).

Cargo (Debit Entry)

All quantitative annotations made on the left side of a T-account scheme.

Abono (Credit Entry)

Quantitative annotations made on the right side of a T-account scheme.

Debe (Debit Column)

The column located on the left side of an account scheme.

Haber (Credit Column)

The column located on the right side of an account scheme.

Cargar (To Debit)

To record a quantitative amount in the Debe (left) column of an account.

Abonar (To Credit)

To record a quantitative amount in the Haber (right) column of an account.

Debit Movement (Movimiento Deudor)

The total sum of all debits (cargos) of an account.

Credit Movement (Movimiento Acreedor)

The total sum of all credits (abonos) of an account.

Balance (Saldo)

The difference between the debit movement and the credit movement of an account.

Debit Balance (Saldo Deudor)

The condition that occurs when the debit movement is greater than the credit movement.

Credit Balance (Saldo Acreedor)

The condition that occurs when the credit movement is greater than the debit movement.

Account (Cuenta)

A record where the financial operations of an entity are controlled.

Account Name (Nombre de la Cuenta)

The specific title or name assigned to identify an account.