Depreciation Rectification of errors opening transfer closing entries | 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.What are the 5 basic accounting principles? 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 are the 3 basic principles of accounting? Take a look at the three main rules of accounting: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.What are 3 types of accounts? 3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account.Basic accounting principles Accrual principle. ... Conservatism principle. ... Consistency principle. ... Cost principle. ... Economic entity principle. ... Full disclosure principle. ... Going concern principle. ... Matching principle.