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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition
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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

by Joseph Kraynak
April 2018
Beginner content levelBeginner
768 pages
20h 9m
English
For Dummies
Content preview from Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

Chapter 1

Brushing Up on Accounting Standards

IN THIS CHAPTER

check Looking back at the origins of financial accounting standards

check Introducing the accountant’s code of conduct (set by the AICPA)

check Reviewing rules set by the Financial Accounting Standards Board (FASB)

check Finding out about generally accepted accounting principles (GAAP)

Although accountants often ply their trade as freelancers, accounting isn’t a free-for-all. Accountants are expected to operate according to a professional code of conduct and practice generally accepted accounting principles (GAAP) — best practices for accounting in the United States.

This chapter begins with a whirlwind tour through the history of accounting that highlights the origins of accounting standards. Following this brief historical account is an overview of the financial accounting code of professional conduct, which is set by the American Institute of Certified Public Accountants (AICPA). These standards give you a roadmap to follow when you’re trying to figure out how to interact with your clients or employer. The standards also explain how to handle ...

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Publisher Resources

ISBN: 9781119453895Purchase book