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Review our outline and get started learning the topic Accounting Basics. We offer easy-to-understand materials for all learning styles.

Our Explanation of Accounting Basics uses a simple story to introduce important accounting concepts and terminology. It illustrates how transactions will be included in a company's financial statements.

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In this context, principles of accounting includes both the underlying basic accounting principles and the official accounting pronouncements issued by the Financial Accounting Standards Board (FASB). …

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Review our outline and get started learning the topic Bookkeeping. We offer easy-to-understand materials for all learning styles.

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 …