Accounting Lecture 01 - Basic Concepts
This
explanation of accounting basics will introduce you to some basic accounting
principles, accounting concepts, and accounting terminology. Once you become
familiar with some of these terms and concepts, you will feel comfortable
navigating through the explanations, drills, puzzles, and other features of this
forum.
Some
of the basic accounting terms that you will learn include revenues, expenses,
assets, liabilities, income statement, balance sheet, and statement of cash
flows. You will become familiar with accounting debits and credits as we show
you how to record transactions. You will also see why two basic accounting
principles, the revenue recognition principle and the matching principle,
assure that a company's income statement reports a company's profitability.
In this explanation of accounting basics, and throughout the entire website, freeonlineeducation4all will often omit some accounting details and complexities in order to present clear and concise explanations. This means that you should always seek professional advice for your specific circumstances.
1 comment:
Yeah, even I never knew these accounting terms before started learning accounts from Aloke Ghosh. He shared with me everything in detail like how to maintain balance sheet, how to check cash flows and everything. I also liked the video here on accounting process. It’s quite useful for me.
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