Sources in Accounting Essay Example | Topics and Well Written Essays - 1250 words

Sources in Accounting - Essay Example Scholarly journals prove to be the best publication genre for researching accounting-related problems since it relays concrete information that stays within the focus of the subject matter. Accounting is one of the oldest disciplines concerned with collecting, analyzing and communicating economic information. Information analyzed is usable in making decisions and plans of an enterprise by concerned professionals and users. Committee on Terminology of the American Institute of Certified Public Accountants described the discipline as â€Å"Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in past at least, of a financial character and interpreting the results thereof† (Fountain, Douglas & Michael, 101). It is, therefore, a language used for communicating fundamental information to people. It is a profession and intellectual discipline. In addition, accounting is a socially constructe d discipline that is practiced for people by people, and influences relationships and workings within communities. A comprehensive knowledge of accounting may not be possible without a revisit to the history of the discipline. Originally, accounting was based on simple activities of recording and measurement. The 15th century saw the emergence of double-entry book keeping. Modern Ango-American accounting developed from these initial basic processes and reformed into the present accounting principles in the 20th century. It is, therefore, a discipline that has existed for as long as trade has existed. As such, there are several publications and other forms of sources recorded about accounting. Not all these sources have authenticity and reliability to be used in referencing crucial accounting researches. Scholars should exercise care in deciding which scholarly journals, professional and organizational publications and books they base their accounting-related arguments (Fountain, Dou glas & Michael, 91). Professional Associations National Accounting and Finance Council is one of the oldest accounting professional associations in America. The association has been in existence for 59 years and has an annual budget of $650,000. Since 1954 (the year the association was founded) it has managed to have a manageable membership of 1,100. National Accounting and Finance Council (NAFC) derives its membership from among chief financial and Executive Officers of trucking companies, security analysts, and software companies affiliated to trucking companies, CPAs, bankers and insurance agents. The core task of NAFC is to work towards advancing the standards of motor carrier industry. It also provides self improvement through interacting with regulatory agencies and amongst themselves, educational activities and community work. The association holds an annual exhibition to showcase steps made in achieving their objectives. NAFC publishes a periodical authoritative publication, NAFC Membership Directory Motor Freight Controller. The quarterly publication gives an interesting twist to how it tackles accounting issues. Due to its in-depth involvement with trucking companies, the association uses its publication to advice its members on the accounting legalities involved in their trade. It covers limited kinds of legal actions put forward against accountants in federal courts. It is a reliable resource that accounting professionals can turn to for legal advice in the absence of lawyers. Readers get tips on the