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Accounting Summary
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Accounting summary of all the theoretical knowledge needed.
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Accounting exam study materialPart 1: Financial accounting
Part 2: Managerial accounting
, Accounting consists of three basic activities: it identifies, records,
and communicates the economic events of an organization to
interested users
Financial accounting
Managerial accounting
, International accounting standards
USA:
Generally accepted accounting principles (GAAP) → these standards indicate how to report economic
events
Financial Accounting Standards Board (FASB) → primary accounting standard-setting body in the US.
Securities and exchange commission (SEC) → agency of US government that oversees US financial
markets and accounting standard-setting bodies.
The SEC relies on the FASB to develop accounting standards, which public companies must follow.
EUROPE:
International Accounting Standards Board (IASB), these standards are called International Financial
Reporting Standards (IFRS)
, Types of businesses
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