What is Accounting? Introduction | Money Instructor

Learn the core principles, definition, and purpose of accounting, including its role as the language of business, the fundamental accounting equation, and the distinction between financial and managerial accounting.

Learn the basics of accounting in this comprehensive guide. You'll start by understanding what accounting is, including its role as the "language of business" that communicates a company's financial health to stakeholders. Explore the basics of how accounting works, from revenues and expenses to the calculation of net income. Dive into important concepts such as assets, liabilities, and equity, and see how they come together in the fundamental accounting equation. We'll distinguish between the two main types of accounting: financial accounting, and managerial accounting. Finally, appreciate why accounting is so crucial, not just for businesses, but also for individuals managing their personal finances or making investment decisions. Master these key concepts and also elevate your understanding of the financial world. Accounting 101.

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Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
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