accounting basics

Is an information system that identifies, records and communicates the economic events of an organization to interested users (internal and external users).

the economic events relevant to its business.

1)     consists of keeping a systematic, chronological diary of events, measured in dollars and cents. Also called Bookkeeping. Also includes classifying and summarizing the economic events. (Record, classify and summarize.)

  the collected information to interested users by means of accounting reports (financial statements).

(?????) includes prepare accounting reports, and analyze and interpret reported information for users.

FASB meaning?

GAAP meaning?

IASB meaning?

IFRS meaning?

the owner's equity is often referred to as ?????

what the business owes, the business usually borrows money to purchase merchandise on credit or on account, the business is committed to pay these (?????) (debts and obligations) later.

Examples of the (?????): Accounts Payable, Notes payable, Salaries and Wages Payable.