RURAL UNIVERSITY SIQUINALÁ HEADQUARTERS

AUDIT I
PARALLEL TEXT CHECKLIST
First delivery Date:
Description Weighing Qualification
Cover
TOPIC: Audit,
1. Concept Map 0.5pts
2. Attach Exercises in Class 0.5pts
3. Benefits 0.5pts
TOPIC: International Auditing Standards.
1. Concept Map 0.5pts
2. Attach Exercises in Class 0.5pts
3. Contributions 2.pts
4. Glossary (10 Terms) 0.5pts
Total 5pts

Note : Failure to deliver the first and second parts will result in a reduction
in weighting.

Observation

Student's signature

Alexander Macario González Monterroso

Student name
Rural University of Guatemala
Bachelor's Degree in Public Accounting and Auditing
Siquinalá, Escuintla
Alexander Macario González Monterroso License: 17-035-0086
CPA. Ronald Perez

Parallel Text Accounting I

Guatemala, April 2018

 Entity The accounting information included in the
financial statements must be identified with
an economic entity with its own structure
and operations.
Business in Assume that an entity will have
Progress continuous operations unless
there is clear evidence to the
Monetary Economic operations and events
unit are reflected in the accounting
expressed in the monetary unit of
Conservatism the country in which the entity is

In the recording of accounting operations and in

the preparation of financial statements, a
Substance general tendency should be observed towards
before form the immediate recognition of unfavorable
events, avoiding the overvaluation of profits and

Economic operations and events

Original
must be accounted for and
historical cost
presented in accordance with
substance and financial reality and
Basic Accounting not only according to their form.
Principles. Economic operations or events must be
Accounting For the purposes of reporting on the accounted for according to the amounts of
period financial situation and results of cash disbursed, their equivalent, or the
operations, the life of the entity must reasonable estimate made at the time they
be divided into conventional periods are considered to have been carried out in
Sufficient
The accounting information presented in
Revelation
the financial statements must contain in
a clear and understandable manner all
the necessary aspects so that the user of
said statements can interpret them
In accounting for transactions and
Relative preparing financial statements,
importance primary attention should be given
to those important matters that
can be quantified in monetary
terms. Accounting methods, procedures and
policies must be applied uniformly
Consistency within the same accounting period,
or uniformity and across periods, to ensure
comparability of data.
 To carry out the basic operations in the exercise of the activity, it
Math counts such as addition, subtraction, multiplication, division,
obtaining the percentage.

Auxiliary Sciences of Statistics To compare the financial results of the company in the years that
make up its active life, in order to make timely decisions.
Accounting

To know the legal framework in which the company must operate,

Right in order to not incur civil tax errors.

To Optimize the functioning of the material and human resources

Administration that exist in the company, particularly in the accounting
department.
Information :

1. Pedro sells tomatoes and decides to allocate Q. 200.00 to your business

2. Gets Q borrowed. 400.00. of a friend
3. Buy Q. 600.00 worth of tomatoes paid in cash.
4. Sell tomatoes to Q. 700.00 which he charges in cash.
ASSET PASSIVE NET WORTH
Operation Cash and banks Inventory Creditor c. Result
1 200 200
2 400 400
3 -(600) 600
4 700 (600) 100
Totals: 700 0 400

AP=C
Q.700.00-400=300
Q.300.00=Q.300.00

Balance Balance sheet Statement of income

Account Debtor Creditor Asset Passive Capital Income Cost Spent
Cash
and x x
banks
Shoppin
x x
g
Sales x x
Creditor
x
s
Legal
x x
reserve
 Benefits
The audit is very useful for auditors, since it guarantees the reliability of the financial statements,

and it is a great support for the management of the company to have an auditor who issues a

value judgment in order to increase the veracity of their statements. accounts and improve

internal control.

The financial audit helps to review the company's financial statements, carried out by an

independent expert and through a certain procedure that issues a value judgment in a report on a

true reflection of the company.

 I take into account my
Dynamic. contributions

Equity Equation

I only take into account

Static
my earnings
With the following information, determine the Assets of Almacén El Soñador

Banks Q. 850,000.00 Various creditors Q. 300,000.00

Customers Q. 700,000.00 Machinery and equipment Q. 5,000,000.00

Actions Q.1,500,000.00 Consolidated layoffs Q. 200,000.00

Costs and expenses to pay Q. 850,000.00 Cio. Wholesale and retail Q. 3,500,000.00

Purchase of merchandise Q. 2,800,000.00 Personnel expense Q. 850,000.00

Miscellaneous income Q. 150,000.00

 With the following information, determine the Patrimony of Enrique González, he has the following balances in his books

Box Q 20,000.00 Office team Q. 700,000.00

Balance of Balances Various
Banks Q 1,450,000.00
The Dreamer Warehouse creditors Q. 200,000.00
Figures expressed in quetzals Social
Customers Q 300,000.00 contributions
National providers Q 800,000.00
ACCOUNTS ASSET PASSIVE CAPITAL AND. RESULT
Goods not manufactured by the company Q 1,900,000.00
1 Banks
Prepaid expenses Q 80,000.00
2 Customers Q 850,000.00
3 Actions Q 700,000.00
Q
Balance of Balances 1,500,000.0
4 Purchase of merchandise Enrique Gonzalez 0
5 Miscellaneous income figures expressed in quetzals Q 2,800,000.00
16 Box
Machinery and equipment Q 20,000.00 Q 150,000.00
27 Banks
Cio. Wholesale and retail Q 5,000,000.00 Q 1,450,000.00
38 Customers
Costs and expenses to pay Q 300,000.00 Q 3,500,000.00
49 National
Various creditors
providers Q 800,000.00Q 850,000.00
Determine the changes that each of the operations carried out causes in the equity equation.
51 Merchandise not manufactured by the company Q 1,900,000.00
0 Consolidated
6 Prepaid expensesseverance pay QQ80,000.00
300,000.00
1
7 Office team Q 700,000.00
1 personal expenses Q 200,000.00
81 Various creditors Q 200,000.00
2 Sum of assets and liabilities
Net Worth QQ4,450,000.00
850,000.00 Q 1,000,000.00
1
3 Net
Equal sums
Worth Q 3,450,000.00
The assets of El Soñador warehouse are Q 3,450,000.00 Q
A-P=C Q 1,500,000.0
Q. 4,450.00 - Q.1,000.00 = Q. 3,450.00 Q 6,550,000.00 1,350,000.00 0 Q-

A-P=C
Q 5,200,000.00
A-P=C
Q. 5,200,000.00 Q. 1,500,000.00
PN Q. 3,700,000.00
by Mr. Gonzàlez
a) Pay $200,000 by check to national suppliers
b) Purchase on credit a
typewriter worth
$400,000
c) Pay with check for services worth $600,000
d) Record the value of the leases in the bank.
e) Receives 200,000 for rentals

NET WORTH
Operations ASSET PASSIVE

CAPITAL E.RESULT
-Q
to -Q 200.00 200.00 Q-
b Q 400.00 Q 400.00 Q-
Q
c -Q 600.00 600.00 -Q 600.00
and Q 200.00 Q 200.00
No
. Accounts Balance Balance sheet Income Statements
Passi Capita
Debtor Creditor Asset ve l Income Cost Bills
Vehicles. x x
1
Suppliers x x
2
Discounts on purchases x x
3
Labour x x
4
Administrative Salaries x
5 x
Returns and discounts on
x x
6 purchases.
Documents to pay x x
7
Customers x x
8
Documents Receivable x x
9
Insurance x x
10
Advance Paid Insurance x x
11
Insurance Payable x x
12
Rentals x
13 x
Rents Receivable x x
14
x x
15 Accumulated Earnings
Account Classification
Account Classification
No
. Accounts Balance Balance sheet Income Statements
Debto Passi Capita Spen Productio
Creditor Asset Cost
r ve l t n
1 Box x x
2 Banks x x
3 Commodity x x x
4 Furniture and equipment x x
5 Shopping x x
6 Customers x x
7 Suppliers x x
8 Documents to pay x x
9 Administration salaries x x
10 Sales salaries x x
11 Rental expenses x x
12 Sales x x
13 Selling commissions x x
14 Shopping expenses x x
15 Vehicles x x
16 Documents receivable x x
17 Insurance expenses x x
18 Purchase returns x x
19 Sales returns x x
20 Buildings x x
21 Land x x
22 Propaganda x x
23 Advertising x x
24 Estate x x
25 Long-term bank loan x x
Stationery and supplies
x x
26 expenses
27 Mortgages x x
28 Travel expenses x x
29 Interest paid x x
30 Interest payable x x
31 Creditors x x
32 Building depreciation x x
Accumulated
x x
33 depreciation and furniture

Information:
Mr. David Campos begins operations of his business “Faro Porteño”, on January 2, 2006,
depositing Q. 25,000.00 at the Industrial Bank
On the same date, to settle in, Mr. Campos rents a place for which he covers Q. 200.00, which
corresponds to the January payment.
January 5. Don David acquires merchandise in cash for an amount of Q, 10,000.00
January 8. Cash purchase for business use of furniture and equipment worth Q.2,000.00
January 10. Payment is made for publications of special promotions of the “Faro Porteño”
business, in the newspaper El Grafico. Q. 200.00
January 12 Mr. Campos acquires merchandise for an amount of Q. 6,000.00, on credit.
January 15 When reviewing the sales we observed that cash sales were made for Q.2,500.00
and credit sales for Q.500.00, with a cost of Q. 1,800.00 total, for the merchandise sold.
January 18 Don David observes that his business has a lot of customers due to the published
advertisement and decides to make home deliveries, so he buys a bicycle worth Q.300.00
January 25 Suppliers are paid 50% of the merchandise obtained on credit on January 12
January 30. Mr. Campos makes the following payments: salaries of a delivery assistant Q.
100.00, water, electricity and telephone costs Q. 100.00
No. ASSET PASSIVE CAPITAL RESULTS
02/01/2006 25,00.00 25,000.00
02/01/2006 (200.00) (200.00)
05/01/2006 (10,000.00) 10,000.00
08/01/2006 (2,000.00) 2,000.00
10/01/2006 (200.00) (200.00)
12/01/2006 6,000.00 6,000.00
300.00
15/01/2006 2,500.00 1,200.00
(1,800)
18/01/2006 (300.00) 300
25/01/2006 (3,000.00) (3,000.00)
30/01/2006 (200.00) (200.00)
31/01/2006
2,000.00 960
(1,440.00)
31/01/2006 450 (450.00)
14,050.00 15,510 3,000.00
January 31 Sales from 16 to 31 report the following results; counted Q. 2,000.00 and Q credit.
400.00, with a total cost of Q. 1,440.00
January 31. Clients were charged Q.450.00
AP=C 29560-3000=26560 26560=2650

Contributions.
What will be the capital of a company that presents the following information?
Accounts Amount
Bank Q.2,800,000.00
Accounts payable Q. 175,000.00
Rents receivable| Q. 240,000,000.00
Merchandise inventory Q.3,100,000.00
Wages to pay Q.190,000.00
Items payable Q.750,000.00
Furniture Q.1,100,000.00
Box Q.125,000.00
Utilities payable Q.850,000.00
office equipment Q.1,600,000.00

Figures expressed in quetzals

Asset Passive
Bank 2,800,000.00 Accounts payable 175,000.00
Rents receivable 240,000.00 Wages to pay 190,000.00
Merchandise 3,100,000.00 Items payable 750,000.00
inventory
Furniture 1,100,000.00 Utilities payable 850,000.00
Box 125,000.00
Office team 1,600,000.00
Asset sum 8,965,000.00 Sum of liabilities 1,965,000.00

A-P=C
Q. 8,965,000.00 - Q. 1,965,000.00 = Q. 7,000,000.00

Q. 7,000,000.00=Q. 7,000,000.00

Glossary
1. Actions:

Each of the equal parts into which the share capital of a company is divided (public limited

company or limited by shares)

2. Creditor

A person with respect to whom he owes. Person who, in exchange for delivering

merchandise, goods, rights or providing services, receives a promise of payment.

3. Amortization

Reduction to the book value of a fixed asset item. It is a generic term for depreciation,

depletion, derecognition, or the gradual extinction in the books of an item or group of items

of variation quantum assets, therefore, the amount of this reduction generically constitutes an

amortization.

4. Good

Inventory items or assets of any kind, including cash, fixed assets, materials and items in the

process of production

5. Accounting

System that allows identifying, measuring, processing and communicating financial

information to make decisions, issue judgments and exercise the control function.

6. Cost
Disbursements or accruals of certain obligations, directly related to the production processes

of goods or provision of services, which are recovered in the development of the disposal

activity.

7. Accounting equation

Identity that shows the distribution of ownership of assets between the debts of creditors

(liabilities) and the debts of the owners (equity). They are represented as Asset=Liability

Equity

8. Bills

Disbursements or accruals of certain non-recoverable obligations made to acquire the means

and resources necessary to carry out financial, economic or social activities.

9. Heritage

Account representative of the resources assigned or contributed, reserves and surplus,

including transfers of assets or rights received by public entities.

10. Legal reserve

Percentage of profit from the exercise by legal mandate or by the will of the partners in order

to protect the capital intensity of a company.