Business Fundamentals: Assets, Financial Statements, and Controls
Unit 5: Understanding Business Assets
Tangible Assets
A tangible asset has a physical form, meaning it can be seen and touched. Examples include machinery, buildings, land, and vehicles. Current tangible assets include cash and merchandise.
Intangible Assets
An intangible asset is, by nature, non-physical. Examples include patent rights, goodwill, and trade secrets. While not physical objects, they are highly valuable to a business.
Types of Intangible Assets:
- Legal Intangibles: Protected by law, such
International Business Concepts: Demographics, Culture, Organization, Marketing & HR
Socio-demographic Factors
International Demographic Patterns
The dynamics of population change are closely interrelated with patterns of economic development. Key issues include:
- Population density
- Fertility
- Mortality
- Migration
Demographic Indicators
- Birth rate
- Annual number of births per population
- Mortality rate
- Annual number of deaths per population
- Infant mortality rate
- Number of deaths of children under one year of age per number of births
- Life expectancy
- Length of life of individuals
- Total fertility rate
- Average
Key Concepts in Workplace Safety
General Aspects of Safety at Work
1. Defining Workplace Risk and Danger
RISK: Risk refers to work situations that can disrupt the balance between the physical, mental, and social health of individuals.
According to the LPR, it is the possibility that a worker suffers an injury arising from work.
DANGER: This is an intrinsic property or ability of something that can cause damage. According to UNE, it is a situation capable of causing harmful injury, property damage, environmental damage, or a combination
Read MoreUnderstanding Accounting: Principles, Processes, and Standards
What is Accounting?
Accounting is a financial information system used for decision-making in businesses and organizations. It studies and reports on the economic and financial structure of organizations, as well as their economic performance, by recording, classifying, and summarizing all relevant economic transactions in monetary terms. According to the American Institute of Certified Public Accountants (AICPA), accounting is the art of recording, classifying, and summarizing financial transactions
Read MoreUnderstanding Mexican Financial Reporting Standards (NIF)
1. Which Agency is Responsible for Accounting Issues?
The Commission for Accounting Principles (CPC) of the Mexican Institute of Public Accountants (IMCP).
2. What is the Role of CINIF?
The Mexican Council for Research and Development of Financial Reporting Standards (CINIF) is responsible for the development of financial reporting standards in Mexico, aiming for convergence with International Financial Reporting Standards (IFRS).
3. What Types of Standards Does CINIF Issue?
CINIF issues the following:
Read MoreUnderstanding Key Concepts in Taxation and Financial Law
Law Governing Taxpayer Rights & Programs
Tax Law
Tax Law’s Top 3 Distinguishing Features
- The nature of the tax liability
- Parties responsible
- The coercive economic power
Tax Collection Obligation in Public Finance
The nature of tax liability.
Tax Authority’s Debt Enforcement Power
The coercive economic power.
Sanctioning Power of Tax Authorities
The ability to exert sanctions.
Doctrinal Principles of Taxation Location
In the charter.
Adam Smith’s Principles of Taxation
- Principle of Justice
- Principle of Certainty