It's not that complicated. AC circuit theory is based on the quasistationary approximation(s) of Maxwell's Equations. They are valid for "compact" circuits, i.e., where the spatial dimensions of the circuit are small compared to the wave-length ##\lambda=c/f=2\pi c/\omega##, where ##f## is the frequency (or a typical scale of frequencies) of the AC.
The result are ordinary linear differential equations with constant coefficients. Typically they are of a damped-harmonic oscillator type. For the usual house-hold-current application you have a harmonic source, i.e., something like
$$\ddot{f} + 2 \gamma \dot{f} +\omega_0^2 f=A \exp(-\mathrm{i} \omega t).$$
The typical solution is of the form
$$f(t)=C_1 f_{1 \text{hom}}(t) + C_2 f_{2 \text{hom}}(t) + D \exp(-\mathrm{i} \omega t),$$
where ##C_1## and ##C_2## are indetermined constants and ##f_{1/2 \text{hom}}## are two linearly independent solutions of the homogeneous equation (i.e., the ODE with A=0) and the final term, harmonic with the frequency of the driving source, a particular solution of the inhomogeneous equation with a determined value of ##D##. The integration constants ##C_1## and ##C_2## are determined by the initial conditions, ##f(0)=f_0##, ##\dot{f}(0)=v_0##.
If ##\gamma>0## (which is the usual case, because in the real world there's always some dissipation/ohmic losses) then the ##f_{1/2\text{hom}}(t) \propto \exp(-\gamma t)##, i.e., falling off with a "relaxation time", ##\tau =1/\gamma##. After this "life-time of the transients" ##f## is in the "steady state", i.e., oscillating harmonically with the frequency imposed by the external source.
For this latter case you can determine ##D## in terms of "impedances", i.e., complex quantities similar to resistances ##R## in DC and obeying the same rules for parallel and series connections as resistances in DC circuit theory. For the electrician's practical purpose usually that's all he needs to know.