Universidad Autónoma de Nuevo León

Facultad de Contaduría Pública y Administración

Comprensión de textos en ingles

Equipo. -

Bolaños Sepúlveda Alan 2053732

Cardenas Acevedo Jesús Abelardo 2033203

Martínez Cerda Pedro 2058277

Grupo. -3I

Maestro. - Duke Melvin Moses

Fecha. - 09/11/2023
INTRODUCTION
In this first section we will show some articles about taxes to learn a little more about
this topic. Taxes are a payment without consideration, but we usually expect some
indirect benefit. In most modern countries, citizens pay taxes to the government to
finance its activities, aid programs and other services. This topic of taxes is very
important because thanks to them the country can move forward, since taxes make
the country have liquidity to pay for the services offered to the citizens.

The second section discusses accounting, which is the system of control and
recording of expenses and income and other economic operations carried out in a
business, company or entity.

Accounting provides a complete picture of the operating dynamics of an organization

and data about its assets. It helps to meet the objectives of a business manager and
an owner: such as determining the reserves of all types of the company's real estate
assets to maintain its sound financial position, a regular and up-to-date presentation
of unbiased, structured and accurate economic information to the management, as
well as minimizing the risks that can lead to a negative outcome of business
activities.

In the third section we talk about finance, which is the area of economics that studies
the functioning of money and capital markets, the institutions that operate in them,
the policies for raising resources, the time value of money and the cost of capital.

This tells us that the concept of finance is the set of activities that a person and/or
company must carry out for the accumulation of wealth. It studies the money
markets, the obtaining of resources, forms of saving and investment.

Finally, this monograph includes a glossary with the most relevant words and their
meaning.
TAXES
ARTICLE 1. THE ROLE OF AUDIT ANALYTICS, EFFICIENCY, AND POST-AUDIT
TAX

The accounting industry is being impacted by

new technologies like data analytics and
machine learning. Because of those effects,
major changes are expected to audit and
assurance methods in particular. Audit
sampling is one such potential modification. In
the age of big data, it starts to lose some of its
meaning. Using audit data analytics is one
workable method.

Technologies are developing at an unprecedented rate, presenting businesses and

connected parties, including the accounting profession, with both enormous
challenges and opportunities. Companies must respond swiftly to shifting
circumstances and marketplaces in the current business environment. Many
businesses are looking for more effective methods to use new technologies to
change the way they do business.

In this age of information explosion, new technologies are available that have the
power to transform entire industries and business structures. In order to find potential
errors or risks of material misstatement, audit data analytics is defined as "the
examination of data underpinning financial
statements, coupled with relevant financial or non-
financial information." It includes conventional file
interrogation, investigative techniques, and
statistically supported analytics.

But many analytics techniques are new to

auditors. Inadequate knowledge and skills are the
main obstacles to using data analytics in auditing,
according to a new Deloitte poll.
Analytics of audit data can help risk evaluations of material misstatements,
bankruptcies, and managerial fraud. In their overview of the use of data analytics in
external audits, Appelbaum, find that a variety of analytical techniques are frequently
used during various engagement phases, including planning/risk assessment,
substantive and compliance testing, opinion formulation, and reporting.

In order to establish and maintain compliance, tax audits are a crucial tool, and
increasing the number of audits has both direct and indirect effects on taxpayer
behavior.
ARTICLE 2.- WHAT CAUSES LARGE PRICE CHANGES? FINANCIAL
ENGINEERING PERSPECTIVE

Stock exchanges are a house of complex variety e.g., London Stock Exchange.
Stock Exchange and more pertinently Large Stock Exchanges (LSE) are considered
as the heart (pumping center) in the money-merchandise maze that wraps the globe,
irrespective of time or latitude zones. Stock exchanges deal with company holding
(financial ownership) through ‘equities’ (various types of shares).

Large changes in equity prices are known as large

price changes. These are swings. Such swings
have pan global effect and also have acute effect
on national economies and on youth employment
efforts.

Our aim is to set before the reader a

pioneering/first time numerical model-based effort
– so as to forecast what cause large prices
change, what the end result is and how to best utilize for maximizing prosperity.
Markets and Finance means and involve money and mounds which all have
numerical values as per standards. Equities being of various types run into millions
per company. In an LSE (say London or New York) the numbers sum up too few
billions; with world wide spread and values running into trillions.

And, one LSE is grossly insufficient on one hand, while more than one makes the
number game and more complex. The share value depends on the robustness of
any company at any given point of time; thus, every aspect is fluid. The trading
domain of shares is referred to as market. Thus, the market is always in flux.
Markets/ Commerce is marked by Radom events which can also be averred as
misbehavior, as in classrooms or fish markets.

The fun is that that there is joy in applying mathematics. A volume/mound of shares
are known as ‘stocks’, which can be reduced and or enlarged or held as fixed in vary
many ways in a nonstop manner to facilitate sale and purchase of the shares that
make the stocks and or because of
overpowering external stimulus. This is
Stochastic – as good as natural phenomena.
It denotes very large, very diffused, numerous
means, methods and points of (energy\cash\
capital) induction and or deductions and or
decay. Therefore, alpha numerical tools are necessary to translate the various and
or all aspects of such mechanics into black and white (not possible alphabetically).
Since markets dominate and determine our times and life such analytical methods
has emerged as a niche specialization. We hope to be one (some day).
ARTICLE 3. TAXATION AND CAPITAL FORMATION

Taxation is a term for when a taxing authority,

generally a government, impositions or imposes a
financial obligation on its citizens or resides. Paying
taxes to governments or officials has been a
dependence of civilization since ancient times.

The term “taxation” applies to all types of involuntary

impositions, from income to capital earnings to estate
levies. Though taxation can be a noun or verb, it's
generally appertained to as an act; the performing profit is generally called" levies."
In new economies taxes are the most important source of governmental profit.

Taxes differ from other sources of revenue in that they're mandatory levies and are
unrequited, they're generally not paid in exchange for some specific thing, similar as
a particular public service, the trade of public property, or the allotment of public debt.

As mentioned over, taxation applies to all different types of levies. These can include
(but aren't limited to)

• Income tax: Governments put income levies on fiscal income generated by

all realities within their administration, including individualities and
businesses.
• Commercial tax: This type of duty is assessed on the profit of a business.
• Capital earnings: A duty on capital earnings is assessed on any capital
earnings or gains made by people or businesses from the trade of certain
means including stocks, bonds, or real estate.
• Property tax: A property duty is effects by a local government and paid for by
the proprietor of a property. This duty is calculated based on property and
land values.
• Heritage: A type of duty levied on individualities who inherit the estate of a
departed person.
 • Deals tax: A consumption duty assessed by a government on the trade of
goods and services. This can take the form of a value- added duty (Hand
basket), a goods and services task (GST), a state or parochial deals duty, or
an excise duty.

Human capital is best study of as the

accumulation of a coming income stream
through the investment of time to give for
advanced income in the future. As an asset,
it's different from real capital. In the absence
of slavery, individualities cannot buy others'
mortal capital or sell any which they
accumulate themselves.
ARTICLE 1. THE IMPORTANCE OF ACCOUNTING AND ITS SAFEKEEPING

The importance of bookkeeping is

indisputable, especially when since 2014 it
has been aligned with another concept that
has taken great relevance, the materiality of
operations.

Various tax provisions, but especially the

Federal Tax Code (CFF), establish the
obligation to keep accounting records for
legal entities and some individuals, even merchants, in terms of the Code of
Commerce, are also required to do so. This concept refers to the fact that the tax
authorities in their review faculties may request the taxpayer to demonstrate that the
operation carried out has all the elements that allow proving that it is real and certain,
such as contracts, purchase orders, accounting entries, account statements; in other
words, the taxpayers, both the seller, the service provider and the buyer, must
reliably demonstrate the materiality of the operation.

In case of not being able to prove the real existence of the operation it can be
presumed as a simulation, which will affect the deduction and crediting, infractions
and fines, and even in more serious cases it could fall into the type of the crime of
tax fraud with the risk of possible deprivation of freedom.

Thus, keeping accurate and complete accounting records is vital for any taxpayer,
but what happens if I lose them due to natural phenomena or theft? When the books
or other accounting records of the taxpayer become partially unusable, the illegible
entries of the last fiscal year must be replaced and may be made by concentration.
In the case of total destruction or disablement of the
books or other accounting records, the entries
relating to the year in which the disablement,
destruction, loss or theft occurred must be recorded
in the new books or accounting records in question,
and may be made by concentration.
ARTICLE 2. PUBLIC ACCOUNTING FOR PUBLIC ACCOUNTABILITY

Governments impose stringent requirements on private entities to provide accrual

accounting, including an audited balance sheet showing all financial and real assets
and liabilities that define conventional net worth. However, their own balance sheets
rarely meet the same standards, undermining economic governance and
management.

In a typical modern nation state, the public sector accounts for a larger share of
economic activity than any other economic sector. In 2021, overall government
primary spending for G7 member states ranged from 39.41% of GDP in the United
States to 57.66% of GDP in France. Successful emerging market economies - such
as India (24.93% of GDP) and the People's Republic of China (31.8% of GDP) - are
on track to follow the same pattern. In view of this, reliable and transparent public
sector accounting is essential for proper economic governance and management.

Governments impose stringent requirements on private entities to carry out accrual

basis accounting in accordance with International Financial Reporting Standards
(IFRS) or Generally Accepted Accounting Principles (GAAP). This includes the
production of an audited balance sheet, including all financial and real assets that
define conventional net worth.

Governments conform to similar standards, adhering, for example, to International

Public Sector Accounting Standards (the obvious choice). But most governments do
not fully comply with these standards, and only New Zealand uses IPSAS as the
basis for its financial management system.

In contrast, the accounts generated by

the public sector focus on short- and
medium-term cash flows - the
government's overall budget deficit is an
excellent example - and on a subset of
the public sector's contractual liabilities,
usually its gross or net financial debt.
ARTICLE 3. BENEFITS IF A COMPANY IS PROPERLY ACCOUNTED FOR AND
TAXED

People tend to complain about the tax

payment and filing process, often calling
it complicated and tedious. However, it
should not be forgotten that acquiring a
solid knowledge of taxes is essential for
business development.

When someone starts a business,

especially nowadays with the rise of entrepreneurship, it is common that the owner
or manager does not have an in-depth knowledge of tax issues: how they work, why
they are necessary and how to comply with them properly.

Some may not give it enough importance and approach these issues superficially.
This can mean not issuing proof of payment (such as invoices or receipts) for each
sale, not keeping proper records of expenses to be able to deduct taxes and, most
importantly, not keeping organized accounts.

It is important to remember that there are tax laws, such as the Income Tax Law or
the Value Added Tax Law, which oblige us to pay taxes on our earnings or on our
consumption, and failure to do so correctly would result in tax fines and, depending
on the case and if a voluntary, recurrent and
deliberate breach is proven, it could constitute a
tax crime and the consequence could be a prison
sentence, that is, imprisonment".
In order for an executive to have an adequate advice in accounting and/or tax
matters, we could mention the following:

• An orderly accounting will allow us to know how our business is really going.
• Having an orderly accounting will help us to have a correct taxation.
• By having a correct taxation, we will not be subject to fines by SUNAT, nor
will we have the risk of being immersed in criminal proceedings for tax
evasion.
ARTICLE 1. THE BANK OF MEXICO FACES ITS BIGGEST TEST AT ITS WORST
MOMENT

The track record of Banxico, as the Mexican

central bank is known, is short when it comes to
containing inflation. Although it was founded
almost a hundred years ago, it was not until 2001
that it adopted the inflation targets with which it is
currently working. The current inflationary shock,
therefore, is unprecedented for the autonomous institution and came after years of
institutional weakening originating from the Federation. In real terms, its budget has
suffered cuts, so much of its talent has gone. In turn, President Andrés Manuel López
Obrador attacks the bank and has appointed to the Board of Governors economists
who, while recognized in their respective branches, lack experience in monetary
policy.

It started in 2018, when the President's party passed in Congress a law that capped
the salaries of officials, including those of the central bank, and cut its budget for
activities unrelated to the supply of banknotes and coins, such as the purchase of
equipment and maintenance of the building. According to different media reports,
the number of bank employees who left the institution in the five months between
López Obrador's electoral victory and his arrival to power was around 200.

The bloodletting continues, according to internal bank sources, as salaries have

become unattractive. Once a hotbed of public servants and renowned Wall Street
bankers, it now cannot compete with private banks to attract those graduating from
top universities with honors.

"The quarterly reports have gone down in quality," opines Marco Oviedo, an
economist who is a former official of the Treasury Secretariat, and a former advisor
to the Presidency. "And this is because there has been an institutional deterioration
in recent years. The budget was cut, the president has attacked them and they have
brought in people who do not have an institutional memory and who are still
learning," Oviedo assures. Undoubtedly the most controversial appointment has
been that of the Governor, head of the bank, Victoria Rodriguez, who does not meet
the requirements dictated by law to
have competence in monetary matters.
An economist with a master's degree
from the Colegio de México, this is her
first high-level position, and she has
made her entire career in the
government apparatus, and not in
autonomous agencies. So far in his
mandate, Rodriguez has been characterized by making few statements, something
that contrasts with his counterparts in the United States, Brazil and Chile, for
example, where the heads of central banks give interviews and speeches in which
they give details of their thoughts on inflation.
ARTICLE 2. BUDGETING, ECONOMIC GROWTH AND FISCAL BALANCE IN
SUSTAINABLE DEVELOPMENT

Budgeting is the process of estimating a company's income and costs over a specific
period in the future. This allows companies to see
if they can continue to operate at the expected
levels of expected revenue and expense. Budgets
are often created in a fiscal year and contain
information about expected sales and associated
operating costs for that period. With this budget,
companies can see how much performance they
can expect within a year and monitor actual
performance against this originally proposed plan.

To reach the break-even point, these costs must be covered by revenue. Variable
costs are costs that vary depending on the number of units produced. Materials,
postage, and workforce (if a person is paid on a unit basis). Therefore, it is important
to carefully forecast sales and production when creating a budget. Budget templates
will help you get started. Don't forget to include larger items such as tools and
equipment. All this needs to be budgeted. The process begins by setting
assumptions for the next budget period. These assumptions relate to projected sales
trends, cost trends, and the overall economic outlook for the market, industry, or
sector. Address and monitor specific factors that affect your potential spending. The
budget is published in a package that describes the standards and procedures used
to create the budget, including market assumptions, key relationships with vendors
offering rebates, and explanations of how certain calculations were made.

Budgeting is a great tool for managing your finances, but many people don't think
it's for them. Below is a list of budget myths-a false logic that prevents people from
tracking their finances and optimally allocating money. Budgeting helps you plan
your financial life and track how much you stick to it. Instead of wondering where the
money went at the end of the month, instead of falling into debt, you can make a
proactive plan on how to spend it to gain financial freedom and independence.
ARTICLE 3. INTERNATIONAL FINANCE SCOPE, IMPORTANCE, ADVANTAGES
AND DISADVANTAGES

International finance, sometimes known as

international macroeconomics, is the study of
monetary interactions between two or more
countries, focusing on areas such as foreign
direct investment and currency exchange
rates.

Scope of international finance

As there are many prospects that come into the picture and there is the scope it
books profits and benefits from each of these prospects accordingly.

• It is important while determining the exchange rates of the country. This can
be done against the commodity or against the common currency.
• It plays a crucial role in investing in foreign debt securities to have a clear idea
about the market.
• The transaction between countries can be significant in assessing the
economic conditions of the other country.

Importance of international finance

International finance plays a critical role in international trade and inter-economy

exchange of goods and services. It is important for a number of reasons; the most
notable ones are listed here;

International finance is an important tool

to find the exchange rates, compare
inflation rates, get an idea about
investing in international debt securities,
ascertain the economic status of other
countries and judge the foreign markets.
Utilizing IFRS is an important factor for many stages of international finance.
Financial statements made by the countries that have adopted IFRS are similar. It
helps many countries to follow similar reporting systems.

Greater comparability

This is especially important when comparing companies located in different

countries, as they might otherwise be using different rules and methodologies to
prepare their statements. This increase in comparability has helped investors better
determine where their investment dollars should go.
1. Credit (credito): An agreement for an individual or company to pay for a good
or service at a later date. Usually an invoice is sent with payment to be made at
a later date.
2. Assets (activos): Resources with economic value. Assets can reduce
expenses, generate cash flow or improve business sales.
3. Trial balance (balanza de comprobacion): he trial balance is a periodic
worksheet that compiles the balance of the ledgers into credit and debit columns
that are equal to each other.
4. Balance Sheet (saldo): A financial statement that provides a picture of an
organization's liabilities, assets and shareholders' equity at a given point in time.
Compare balance vs. income statement.
5. Capital (capital): The financial assets of an individual or organization. Capital
may include funds in deposit accounts or money from funding sources.
6. Closing the books (cerrar los libros): A language refers to the accounting of
all financial transactions within a given period.
7. Cash or cash accounting (Contabilidad de caja o efectivo): Are considered
implicitly received when they are credited to the company's account, made
available without restriction or received by an authorized agent acting on behalf
of the company.
8. Single-entry (Contabilidad de entrada): A type of accounting system that
records a company's financial transactions.
9. Accrual accounting (Contabilidad de devengo): A method of accounting in
which income and expenses are recorded as they are earned, regardless of when
the money is received or paid.
10. Cost of goods sold (Costo de los bienes vendidos): Is the cost of producing
products or services, including direct material or labor expenses.
11. Fixed cost (Costo fijo): A type of expense, fixed costs do not change from
month to month. Fixed costs include such things as payroll, rent, and insurance
payments.
12. Variable cost (Costo variable): Expenses that change according to a
company's production level.
13. Credit (creditos): Credits are accounting entries that increase an equity or
liability account, or decrease an expense or asset account.
14. Profit and Loss Statement (Cuenta de pérdidas y ganancias): Includes vital
cash flow information such as revenues, cost of goods sold and operating
expenses for a given period.
15. Accounts receivable (Cuentas por cobrar): Accounts receivable refers to the
money your customers owe for goods or services they purchased from you in the
past.
16. Accounts payable (Cuentas por pagar): Money owed by a company to its
suppliers, vendors or creditors for goods or services purchased on credit; it is
considered a short-term debt.
17. Debit (Débito): The opposite of a credit, debits increase expense or asset
accounts or decrease capital or liability accounts.
18. Depreciation (Depreciación): The depreciation method of accounting
determines the decreasing value of a tangible asset over its useful life.
19. Accruals (Devengos): A recording adjustment that recognizes the company's
expenses and revenues before cash exchanges occur.
20. Diversification (Diversificación): Diversification combines many different
investments and assets in a portfolio, allowing individuals or companies to spread
risk and protect themselves from financial ruin if any one investment or asset
fails.
21. Dividends (Dividendos): Company earnings, or profits, that a company pays to
its shareholders as a reward for their investment in its capital.
22. Journal Entry (Entrada en el diario): A business transaction recorded in a
company's general ledger.
23. Cash flow (Flujo de efectivo): Is the total amount of money coming into and
selling out of a company.
24. Entity formation (Formación de entidades): Is the process of classifying a
business as an entity such as an LLC, sole proprietorship, partnership.
25. Gross profit (Ganancia bruta): The profit earned by companies after restoring
the costs associated with providing their services or manufacturing and selling
their products.
26. Retained earnings (Ganancias retenidas): The amount of net income
remaining to a company after paying dividends to its shareholders.
27. Expenses (Gastos): The costs of conducting the business. Businesses can
deduct certain eligible expenses from their taxes.
28. Overhead expenses (Gastos generals): The ongoing costs of doing business
other than those related to the direct creation of a good or service.
29. Sales Tax (Impuesto sobre las ventas): Small business sales tax is an indirect
tax imposed on a product at the point of sale. It is included in the price of the
product.
30. Revenue (Ingresos): The gross revenue that a business earns through normal
business operations.
31. Net income (Ingresos netos): The amount an individual or business earns after
subtracting deductions and taxes from gross income.
32. Inventory (Inventario): These are the goods and raw materials that a company
uses to manufacture the products it sells.
33. General Ledger (Libro Mayor): General ledgers include records of debit and
credit accounts.
34. Liquid (Líquido): The ease with which an individual or company can convert an
asset into cash for its full market value.
35. Double entry (Partida doble): Is a ubiquitous bookkeeping system that records
where money comes from and where it goes.
36. Gross margin (Margen bruto): The net sales revenue of a company after
restoring the costs of goods sold.
37. Payroll (Nomina): The total compensation a company pays its employees over
a given period of time.
38. Liabilities (Pasivos): A liability is when someone owes money to someone else.
Types of liabilities can include loans, mortgages, accounts payable, and accrued
expenses.
39. Accounting period (Periodo contable): Is a period of the fiscal or calendar year
in which accountants perform functions such as collecting and aggregating data
and creating financial statements.
40. Chart of Accounts (Plan de cuentas): An index of the financial accounts in a
company's general ledger, a chart of accounts provides a picture of all the
financial transactions a company has made in a specific accounting period.
41. Receipt (Recibo): Written notices acknowledging that one party has received
something of value from another.
42. Return on investment (Retorno de la inversion): The efficiency of an
investment, including the amount of return on an investment relative to its cost.
43. Real value (Valor real): The notion that money is worth more today than in the
future.
44. Income (Ingresos): An income is all that profit that is received from the sale of
a good or service, which is usually made effective through a monetary collection.
45. Budget (Presupuesto): A budget, in economics, refers to the amount of money
needed to cover a certain number of expenses needed to undertake a project. In
this way, it can be defined as an advance figure which estimates the cost of
achieving this objective.
OPINION
As a conclusion of the first section, taxes are used to pay the salaries of those who
work in the public sector. In addition, they are used to build infrastructures that allow
the development of society.

These articles helped us to know that taxes make it possible to create a public
education system that trains all children and young people in a country so that they
can then join the labor market and generate wealth.

The accounting articles helped us understand that accounting is a fundamental pillar

in the financial management of companies and organizations. Its importance lies in
its ability to provide accurate and relevant information on financial performance,
enabling stakeholders to make informed decisions. In addition, Article 1 tells us that
accounting is essential for compliance with legal and tax requirements. In an ever-
evolving business world, accounting adapts to meet changing needs, including
electronic accounting and technology-based accounting. As the last of this section,
accounting is an essential resource for financial decision making and business
sustainability.

Finally, the third section helped us to learn that finance plays a crucial role in the
lives of individuals, businesses and the economy.

All three articles say that finance is an essential aspect of modern life, affecting
individuals, companies and countries alike. Finance is much more than numbers and
transactions; it is the backbone of decision-making at all levels of society.

It can also provide security, stability and the ability to achieve long-term goals. In
article 2, efficient financial management is fundamental to survival and growth.
Companies that can manage their resources effectively are better prepared to face
economic challenges and take advantage of opportunities.
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Accounting
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