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Getting Started with Accounting
This guide will help you get started with accounting research and connect you to key business resources. Explore books, eBooks, databases, websites, and professional organizations.
What is accounting?
"Accounting involves the classification and recording of monetary transactions; the presentation and interpretation of the results of those transactions in order to assess performance over a period and the financial position at a given date; and the monetary projection of future activities arising from alternative planned courses of action. Accounting in larger businesses is typically carried out by financial accountants, who focus on formal, corporate issues such as taxation, and management accountants, who provide management reports and guidance." "accounting." QFinance: The Ultimate Resource. London: A&C Black, 2009. Credo Reference. Web. 12 September 2013.
Oakton College's Accounting program offers an A.A.S. degree as well as certificates in accounting, bookkeeping, income tax preparation, and professional accounting-CPA preparation. Graduates may qualify as tax aides, assistants to controllers or staff accountants.
Accounting Standards
What is an accounting standard?
An authoritative statement of how particular types of transaction and other events should be reflected in financial statements. Compliance with accounting standards will normally be necessary for financial statements to give a true and fair view.
(NOTE: These principles are recommended by the Accounting Standards Board in the United Kingdom or by the FASB in the United States.)
"accounting standard." Dictionary of Accounting. London: A&C Black, 2007. Credo Reference. Web. 24 October 2013.
See standard setting boards below.
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Federal Accounting Standards Advisory Board (FASAB)"The FASAB serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information." Use the "Standards" tab.
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Governmental Accounting Standards Board (GASB)The GASB seeks to establish and improve standards of state and local governmental accounting and financial reporting. Use the "Standards & Guidance" tab.
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International Financial Reporting Standards FoundationOne of the principle objectives of the IFRS Foundation is "to develop a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRSs) through its standard-setting body, the International Accounting Standards Board (IASB)." Standards and interpretations are available (under the IFRS tab) to registered users.
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Public Company Accounting Oversight Board (PCAOB)PCAOB oversees the audits of public companies. This web site publishes standards for auditing, ethics and independence, quality control, and attestation as well as related guidance.
Introductory Tools from LinkedIn Learning
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Accounting Foundations: BookkeepingBookkeeping is about collecting information, recording events, and organizing those records to make better decisions. Accountants use the financial transactions recorded in ledgers or "books" to create a company's income statement and balance sheet.
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Financial Accounting FoundationsIn this course, finance professors Jim Stice and Earl Kay Stice teach you the basics. Get an overview of key financial statements, including the balance sheet and income statement, and the mechanics of accounting.