Key Accounting Roles and Financial Terms

Posted on Feb 3, 2025 in Economy

Key Accounting Roles

  • Trainee Accountant: Accountants who are studying for professional examinations.
  • Tax Accountant: An accountant specializing in a company’s tax affairs.
  • Financial Advisor: Manages the company’s financial plans.
  • Back-Office Manager: Person in charge of the staff responsible for giving administrative support to the finance department.
  • Bookkeeper: Administrative staff responsible for processing the record of a business’s financial activities.
  • Budget Analyst: Helps the company to make smart investments.
  • Internal Auditor: Employees of a company who are responsible for inspecting the company’s accounts.
  • External Auditor: People employed by an outside firm of accountants and hired by a company to inspect its accounts.

Company Financial Results

  • Income Statement: A statement that reports a company’s financial performance over a specific accounting period.
  • Income: Money received, especially on a regular basis.
  • Expense: A cost that occurs as part of a company’s operating activities during a specified accounting period.
  • Amortization: An accounting technique used to incrementally lower the cost value of a finite life.
  • Profit: A financial gain, especially the difference between the amount earned and the amount spent.
  • Net: The amount remaining after certain adjustments have been made for debts, deductions, or expenses.

Income/Ingresos

  • Sale of Services: Venta de servicios
  • Sales of Goods: Venta de bienes
  • Selling and Distribution: Venta y distribución

Expenses/Egresos

  • Insurances: Seguros
  • Interests: Intereses
  • Cost of Goods Sold: Mercancía
  • Salaries: Salarios
  • Research and Development: Investigación y desarrollo

Assets/Activos

  • Equipment: Equipos
  • Investments: Inversiones
  • Insurance Receivables: CxC de seguros
  • Inventories: Inventario

Liabilities/Pasivo

  • Short-Term Borrowing: Deuda Largo Plazo
  • Retained Earnings: Ganancias Retenidas
  • Dividends Payable: Dividendos por pagar
  • Deferred Taxed: Impuestos Diferidos

Parts of the Balance Sheet

  • Receivables: CxC
  • Borrowings: Préstamos
  • Payables: CxP
  • Equity: Patrimonio
  1. The Receivables are debts owed to a company by its customers for goods or services. (CxC)
  2. Money owed to creditors, lenders, employees, or the government (taxes) are Liabilities. (Pasivos)
  3. Assets are anything of value or a resource of value that can be converted into cash. (Activos)
  4. Receiving something of value in exchange for an obligation to pay back something of usually greater value at a particular time in the future are Borrowings. (Préstamos)
  5. Payables are a company’s legal financial debts or obligations that arise during the course of business operations. (CxP)
  6. Equity is a person’s degree of ownership in any asset after subtracting all debts associated with that asset. (Patrimonio)

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Dear Sir or Madam,

I am Geraldine Duarte, and I would like to apply for the Accounting position in your company through this email.

I am currently studying the last semester of accounting at Duoc UC. I have worked at SII and also as an accounting assistant in a reputable company. I enjoy watching interesting documentaries related to my area of work to acquire more important knowledge.

I believe I am the best candidate since I am honest and very patient at work, and I am available to work immediately.

I hope you will hire me so I can be part of your great company.

Kind regards,

Geraldine Duarte