Accounting for basic and Middle Users

Adbest Tife , Accounting for basic and Middle Users
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According to FASB, 1985:

"Liabilities are probable future sacrifices or economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events"

Accounting is the language of business — not just figures, but decisions.
Every financial statement tells a story: where a business has been, where it stands, and where it’s headed.

As a Learner/Scholar of Accounting or a layman, If someone asked you to explain accounting in one sentence, what would you say?

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