Briefly describe the two major fields of accounting.
Answer to relevant QuestionsWhat is the role of the Financial Accounting Standards Board (FASB)?Explain the role of the International Accounting Standards Board (IASB) in relation to International Financial Reporting Standards (IFRS).What document are financial statements prepared from? If a business had a net loss for the year, where would the net loss be reported on the worksheet?When are debits increases? When are debits decreases?
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