16th October 2019


What are the basics of accounting?

Introduction to Accounting Basics. 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.

Keeping this in view, what are the basic accounting principles and concepts?

Here are the basic accounting principles and concepts:
  • Business Entity. A business is considered a separate entity from the owner(s) and should be treated separately.
  • Going Concern.
  • Monetary Unit.
  • Historical Cost.
  • Matching.
  • Accounting Period.
  • Conservatism.
  • Consistency.

What are the five principles of accounting?

These five basic principles form the foundation of modern accounting practices.
  • The Revenue Principle. Image via Flickr by LendingMemo.
  • The Expense Principle.
  • The Matching Principle.
  • The Cost Principle.
  • The Objectivity Principle.

What do you mean by the accounting concepts?

Accounting concepts is basically the accounting rules that should be follow while preparing the financial statements and accounts . 1) Accrual Concept: According to this concept revenue and expenses are noted when they occur in a financial statement and when the cash received or paid at that time they are not recorded.
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