Accounting Basics. This section offers free online tutorials of accounting basics. The first two accounting concepts namely business entity concept and money measurement concept are the fundamental concepts of accounting.
The first two accounting concepts namely business entity concept and money measurement concept are the fundamental concepts of accounting. The resulting information is an essential feedback loop for management so that they can see how well a business is performing against expectations. Let us go through each one of them briefly.
The first two accounting concepts namely business entity concept and money measurement concept are the fundamental concepts of accounting.
Let us go through each one of them briefly. Some of the basic accounting terms that you will learn include revenues expenses assets liabilities income statement balance sheet and statement of cash flows. Accounting is the language of business. Through a systematic series of steps known as accounting cycle it gathers information about business transactions and generates reports about the entity.
