Overview: Types of Accounting, Accounting Standards & the Conceptual Framework

Overview:  Types of Accounting, Accounting Standards & the Conceptual Framework

The purpose of this Module is to help you learn about two general types of accounting: 

  • managerial accounting
  • financial accounting.

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You will also learn about the accounting standards that have been set to provide guidance and structure for financial accounting in the United States, particularly US Generally Accepted Accounting Principles (US GAAP) and internationally, International Financial Reporting Standards (IFRS).

We will touch upon the official standard setters who have created US GAAP (the Financial Accounting Standards Board and the Securities Exchange Commission) as well as IFRS (the International Accounting Standards Board).

Finally we will wrap up learning about a Conceptual Framework that the FASB and IASB worked on jointly for a period of time to provide overall, but unenforceable guidance and structure to the standard setting process.

To Complete This Module

To complete this module, you will need to study all of the content pages and successfully complete the related topic and module quizzes. To successfully complete quizzes you need to achieve a score of at least 4 out of 5 for topical quizzes and achieve a score of at least 8 out of 10 for the module quiz. You may take and re-take quizzes as many times as necessary to master the material and get your passing score.

To track which content pages you have viewed and which quizzes you have successfully completed, click the "Modules" link on the course menu on the left.  A green check mark will appear to the left of each “Study” page that you have viewed and by each “Quiz” that you have successfully completed in the module. 

I anticipate that this module will take about 2 hours to complete.