Spanish accounting glossary for international students
Studying accounting at a Spanish university in English means working with two vocabularies at once: the English terms in your textbook and the Spanish Plan General de Contabilidad (PGC) underneath. This glossary maps one onto the other, with the PGC account number where there is one.
Terminology differs slightly between UK/IFRS English (turnover, gearing) and US English (revenue, leverage). The most common form in university textbooks is shown first.
Financial statements
| English | Spanish | Spanish PGC reference |
|---|---|---|
| Annual accounts / financial statements | Cuentas anuales | |
| Balance sheet / statement of financial position | Balance (de situación) | |
| Income statement / profit and loss account | Cuenta de pérdidas y ganancias | |
| Statement of changes in equity | Estado de cambios en el patrimonio neto | |
| Cash flow statement / statement of cash flows | Estado de flujos de efectivo | |
| Notes to the financial statements | Memoria | |
| Spanish General Accounting Plan (Spanish GAAP) | Plan General de Contabilidad (PGC) | |
| International Financial Reporting Standards (IFRS) | Normas Internacionales de Información Financiera (NIIF) |
Assets
| English | Spanish | Spanish PGC reference |
|---|---|---|
| Non-current assets | Activo no corriente | |
| Intangible assets | Inmovilizado intangible | Subgroup 20 |
| Property, plant and equipment (PP&E) | Inmovilizado material | Subgroup 21 |
| Investment property | Inversiones inmobiliarias | Subgroup 22 |
| Current assets | Activo corriente | |
| Inventories | Existencias | Group 3 |
| Trade receivables / accounts receivable | Clientes | Account 430 |
| Other receivables | Deudores varios | Account 440 |
| Input VAT (recoverable) | Hacienda Pública, IVA soportado | Account 472 |
| Cash at bank | Bancos e instituciones de crédito | Account 572 |
| Cash and cash equivalents | Efectivo y otros activos líquidos equivalentes | Subgroup 57 |
Equity and liabilities
| English | Spanish | Spanish PGC reference |
|---|---|---|
| Equity | Patrimonio neto | |
| Share capital | Capital social | Account 100 |
| Legal reserve | Reserva legal | Account 112 |
| Profit (loss) for the year | Resultado del ejercicio | Account 129 |
| Non-current liabilities | Pasivo no corriente | |
| Long-term bank borrowings | Deudas a largo plazo con entidades de crédito | Account 170 |
| Current liabilities | Pasivo corriente | |
| Trade payables / accounts payable | Proveedores | Account 400 |
| Other trade payables | Acreedores por prestaciones de servicios | Account 410 |
| Output VAT | Hacienda Pública, IVA repercutido | Account 477 |
| Short-term bank borrowings | Deudas a corto plazo con entidades de crédito | Account 520 |
| Provision | Provisión | Subgroup 14 (long term) |
Expenses and income
| English | Spanish | Spanish PGC reference |
|---|---|---|
| Purchases of goods for resale | Compras de mercaderías | Account 600 |
| Change in inventories | Variación de existencias | Subgroups 61 and 71 |
| Wages and salaries | Sueldos y salarios | Account 640 |
| Staff costs / employee benefits expense | Gastos de personal | Subgroup 64 |
| Interest expense / finance costs | Intereses de deudas | Account 662 |
| Depreciation (tangible) / amortisation (intangible) expense | Dotación a la amortización | Subgroup 68 |
| Impairment losses | Pérdidas por deterioro | Subgroup 69 |
| Sales of goods / revenue | Ventas de mercaderías | Account 700 |
| Finance income | Ingresos financieros | Subgroup 76 |
| Income tax expense | Impuesto sobre beneficios | Subgroup 63 |
Bookkeeping and adjustments
| English | Spanish | Spanish PGC reference |
|---|---|---|
| Journal entry | Asiento | |
| Debit / Credit | Debe / Haber | |
| Journal | Libro diario | |
| General ledger | Libro mayor | |
| Trial balance | Balance de comprobación de sumas y saldos | |
| Opening entry / closing entry | Asiento de apertura / de cierre | |
| Closing of income and expense accounts | Regularización | Against account 129 |
| Accumulated depreciation | Amortización acumulada | Subgroup 28 |
| Impairment | Deterioro de valor | Subgroup 29 (non-current assets) |
| Prepaid expenses / prepayments | Gastos anticipados | Account 480 |
| Deferred income / unearned revenue | Ingresos anticipados | Account 485 |
| Acquisition cost / cost | Precio de adquisición | |
| Residual value | Valor residual | |
| Useful life | Vida útil | |
| Carrying amount / book value | Valor neto contable | |
| Recoverable amount | Valor recuperable | |
| Fair value | Valor razonable |
Analysis, costing and finance
| English | Spanish | Spanish PGC reference |
|---|---|---|
| Operating profit (EBIT) | Resultado de explotación (BAII) | |
| Profit before tax (EBT) | Resultado antes de impuestos (BAI) | |
| Net profit / net income | Beneficio neto | |
| Working capital | Fondo de maniobra | Current assets − current liabilities |
| Current ratio | Ratio de liquidez | |
| Quick ratio / acid-test ratio | Prueba ácida | |
| Return on assets | Rentabilidad económica (ROA) | |
| Return on equity | Rentabilidad financiera (ROE) | |
| Financial leverage (UK: gearing) | Apalancamiento financiero | |
| Cost of sales / cost of goods sold (COGS) | Coste de ventas | |
| Fixed cost / variable cost | Coste fijo / variable | |
| Direct cost / indirect cost (overhead) | Coste directo / indirecto | |
| Contribution margin | Margen de contribución | |
| Break-even point | Umbral de rentabilidad (punto muerto) | |
| Absorption costing (full costing) | Coste completo | |
| Variable costing (marginal costing) | Coste variable (direct costing) | |
| Activity-based costing (ABC) | Sistema de costes ABC | |
| Net present value (NPV) | Valor actual neto (VAN) | |
| Internal rate of return (IRR) | Tasa interna de rentabilidad (TIR) | |
| Weighted average cost of capital (WACC) | Coste medio ponderado del capital (WACC) | |
| Payback period | Plazo de recuperación | |
| Annual percentage rate (APR) / effective annual rate | Tasa anual equivalente (TAE) |
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Frequently asked questions
Common questions on this topic
What is the Spanish PGC?
The Plan General de Contabilidad is the Spanish General Accounting Plan, often called Spanish GAAP. It numbers every account (for example 430 for trade receivables or 572 for cash at bank), and Spanish university exams expect you to use those numbers.
How do you say "income statement" in Spanish accounting?
Cuenta de pérdidas y ganancias (PyG). The balance sheet is the balance (de situación) and the notes are the memoria.
Do Spanish universities use IFRS or Spanish GAAP?
Most accounting courses are built on the Spanish PGC, which is largely aligned with IFRS. English-taught programmes often mix the two, so check which one your exam expects.