If you are looking to start a new business then you should know the basics of accounting principles. Accounting is the process of manage or recording financial transactions. It plays an important role in business and helps to track income and expenditures, ensure statutory compliance, and provide investors management and government with quantitative financial information which may be used to make in business decision.
Accounting is the most important language of business, Hence every entrepreneur, manager, executive, and students need to understand the basics of accounting.
There are some basic accounting terms that will learn such as expenses, assets, liabilities, revenues and income statement, balance sheet and statement of the cash flows. That will become familiar with accounting debits and credits. Here we have also mentioned the basics knowledge of accounting that people should know everything related to their account and record the business transactions.