Accounting’s primary purpose is to measure economic activity. There are several different methods to determine the economic value generated in your business each year. In accounting this is referred to as sets of books. There are four basic sets of accounting books. Each has a different purpose and end goal.
Financial Accounting Standards Board
The Financial Accounting Standards Board is a group of well educated and learned individuals in the field of business with a strong background in accounting and finance. The Board establishes the concepts and principles used in preparation of financial statements for publicly traded companies. In effect, the Board sets forth the Generally Accepted Accounting Principles.