What Is Accounting?

Accounting is the practice of tracking assets, income and liability to provide a comprehensive financial picture of a company, business or organization. Read on for more information about the field, and explore some of the job duties of professional accountants. Schools offering Accounting degrees can also be found in these popular choices.

Accounting

Professionals working in the field of accounting track the liabilities, income and assets of a company for taxation, investment and long-term strategic purposes. Accountants must communicate with and understand the financial operations of an individual or organization. There are three main categories of accounting, including operating information, financial accounting information and managerial accounting information.

Operating Information

This aspect of accounting covers the business of an organization on a daily basis. It deals with salaries, accounts payable, inventory processing and related items. The biggest share of accounting information is providing operating information.

Financial Accounting Information

This information is used to help managers and financial institutions in making decisions that involve the organization and its operations. Calculating and extrapolating this data helps accountants and clients understand how a business is performing. It is standardized across business platforms so that information is reported uniformly.

Managerial Accounting Information

This information is provided by the accountant to help managers of the company make the best decisions specific to the operation of the company. The information is provided by accounting to help set budgets, analyze options on a cost basis, modify plans and control work being done.

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP) are the code of ethics for accountants and auditors. According to the Federal Accounting Standards Advisory Board (fasab.gov), there are four categories of rules that are followed, including:

  • Officially Established Accounting Principles
  • FASAB Accounting Guides and Statement of Position Bulletins
  • Specific Bulletins Applicable to Government Entities
  • Implementation Guides Addressing Practices Widely Recognized in the Federal Government

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

  • 1. Degree Options:

Popular Schools

  • DeVry University

    DeVry University responds quickly to information requests through this website.

    Popular programs at DeVry University:

    • Master
    • Bachelor Degrees
    • Associate Programs
    • Certificates

    Online and Campus-Based Programs Available:

    View All Locations
    • Anywhere: Online Campus
    • Arizona: Glendale, Mesa, Phoenix
    • California: Alhambra, Anaheim, Bakersfield, Colton, Daly City, Elk Grove, Fremont, Fresno, Long Beach, Oakland, Oxnard, Palmdale, Pomona, San Diego, San Jose, Sherman Oaks
    • Colorado: Colorado Springs, Greenwood Village, Westminster
    • Florida: Fort Lauderdale, Jacksonville, Miami, Miramar, Orlando, Tampa
    • Georgia: Alpharetta, Atlanta, Decatur, Duluth, Stockbridge
    • Illinois: Addison, Chicago, Downers Grove, Elgin, Gurnee, Naperville, Tinley Park
    • Indiana: Indianapolis, Merrillville
    • Maryland: Bethesda
    • Michigan: Southfield
    • Minnesota: Edina
    • Missouri: Kansas City, Saint Louis
    • North Carolina: Charlotte, Morrisville
    • New Jersey: Cherry Hill, North Brunswick, Paramus
    • Nevada: Henderson
    • New York: New York, Rego Park
    • Ohio: Cincinnati, Columbus, Dayton, Seven Hills
    • Oklahoma: Oklahoma City
    • Oregon: Portland
    • Pennsylvania: Fort Washington, King of Prussia, Philadelphia, Pittsburgh
    • Tennessee: Memphis, Nashville
    • Texas: Austin, Fort Worth, Houston, Irving, Richardson, San Antonio, Sugar Land
    • Utah: Sandy
    • Virginia: Arlington, Chesapeake, Manassas
    • Washington: Bellevue, Federal Way, Lynnwood
    • Wisconsin: Milwaukee
  • Capella University

    Capella University responds quickly to information requests through this website.

    Popular programs at Capella University:

    • Doctoral
    • Master
    • Bachelor Degrees

    Online Programs Available

  • Grand Canyon University

    Grand Canyon University responds quickly to information requests through this website.

    Popular programs at Grand Canyon University:

    Online Programs Available

  • Northcentral University

    Northcentral University responds quickly to information requests through this website.

    Popular programs at Northcentral University:

    Online Programs Available

  • Jones International University

    Jones International University responds quickly to information requests through this website.

    Popular programs at Jones International University:

    • Master
    • Bachelor Degrees

    Online Programs Available

  • ITT Technical Institute

    ITT Technical Institute responds quickly to information requests through this website.

    Popular programs at ITT Technical Institute:

    • Bachelor Degrees
    • Associate Programs

    Online and Campus-Based Programs Available:

    View All Locations
    • Anywhere: Online Campus
    • Alabama: Bessemer, Madison, Mobile
    • Arkansas: Little Rock
    • Arizona: Phoenix, Tempe, Tucson
    • California: Clovis, Concord, Corona, Culver City, Lathrop, Oakland, Orange, Oxnard, Rancho Cordova, San Bernardino, San Diego, San Dimas, Sylmar, Torrance
    • Colorado: Aurora, Westminster
    • Florida: Fort Lauderdale, Jacksonville, Lake Mary, Miami, Tallahassee, Tampa
    • Georgia: Atlanta, Duluth, Kennesaw
    • Iowa: Clive
    • Idaho: Boise
    • Illinois: Oak Brook, Orland Park
    • Indiana: Fort Wayne, Indianapolis, Newburgh, South Bend
    • Kansas: Wichita
    • Kentucky: Lexington, Louisville
    • Louisiana: Baton Rouge, Saint Rose
    • Maryland: Hanover
    • Michigan: Canton, Dearborn, Grand Rapids, Southfield, Swartz Creek, Troy
    • Minnesota: Brooklyn Center, Eden Prairie
    • Missouri: Arnold, Earth City, Kansas City, Springfield
    • Mississippi: Madison
    • North Carolina: Charlotte, Durham
    • Nebraska: Omaha
    • Nevada: Henderson, North Las Vegas
    • Ohio: Akron, Columbus, Dayton, Hilliard, Maumee, Norwood, Strongsville, Warrensville Heights, Youngstown
    • Oklahoma: Oklahoma City, Tulsa
    • Oregon: Portland, Salem
    • Tennessee: Chattanooga, Cordova, Johnson City, Knoxville, Nashville
    • Texas: Arlington, Austin, Desoto, Houston, Richardson, San Antonio, Waco, Webster
    • Utah: Murray
    • Virginia: Chantilly, Norfolk, Richmond, Salem, Springfield
    • Washington: Everett, Seattle, Spokane Valley
    • Wisconsin: Green Bay, Greenfield, Madison
    • West Virginia: Huntington
  • Penn Foster Career School

    Penn Foster Career School responds quickly to information requests through this website.

    Popular programs at Penn Foster Career School:

    Online Programs Available

  • Sanford-Brown

    Sanford-Brown responds quickly to information requests through this website.

    Popular programs at Sanford-Brown:

    • Bachelor Degrees

    Campus Locations:

    • Minnesota: Mendota Heights
  • Full Sail University

    Full Sail University responds quickly to information requests through this website.

    Popular programs at Full Sail University:

    Online and Campus-Based Programs Available:

    View All Locations
    • Anywhere: Online Campus
    • Florida: Winter Park
  • University of Phoenix

    University of Phoenix responds quickly to information requests through this website.

    Popular programs at University of Phoenix:

    Online and Campus-Based Programs Available:

    View All Locations
    • Anywhere: Online Campus
    • Alabama: Birmingham
    • Arkansas: Little Rock, Rogers
    • Arizona: Mesa, Phoenix, Tempe, Tucson, Yuma
    • California: Bakersfield, Beale AFB, Costa Mesa, Diamond Bar, El Centro, Fairfield, Fresno, Gardena, La Palma, Lancaster, Lathrop, Livermore, Murrieta, Oakland, Ontario, Pasadena, Sacramento, Salida, San Bernardino, San Diego, San Jose, Visalia, Woodland Hills
    • Colorado: Colorado Springs, Lone Tree, Westminster
    • Columbia (D.C.): Washington
    • Florida: Ft Lauderdale, Jacksonville, Miami, Miramar, Orlando, Temple Terrace
    • Georgia: Atlanta, Augusta, Columbus, Sandy Springs, Savannah
    • Hawaii: Honolulu, Kapolei
    • Iowa: Des Moines
    • Idaho: Meridian
    • Illinois: Chicago, Schaumburg
    • Indiana: Indianapolis
    • Kansas: Lenexa
    • Kentucky: Louisville
    • Louisiana: Baton Rouge, Metairie
    • Massachusetts: Braintree
    • Maryland: Columbia
    • Michigan: Detroit, Southfield
    • Minnesota: St Louis Park
    • Missouri: Kansas City, Maryland Heights, Saint Louis
    • Mississippi: Flowood
    • North Carolina: Charlotte
    • New Jersey: Jersey City
    • New Mexico: Albuquerque, Santa Teresa
    • Nevada: Henderson, Las Vegas
    • Ohio: Beachwood
    • Oklahoma: Oklahoma City, Tulsa
    • Oregon: Tigard
    • Pennsylvania: Philadelphia
    • Puerto Rico: Guaynabo
    • South Carolina: Columbia
    • Tennessee: Chattanooga, Cordova, Nashville
    • Texas: Arlington, Austin, Dallas, El Paso, Houston, Killeen, Mission, San Antonio, Spring
    • Utah: Clearfield, Salt Lake City, South Jordan
    • Virginia: Arlington, Glen Allen, Virginia Beach
    • Washington: Tukwila
    • Wisconsin: Milwaukee

 More Schools