{"id":25608258,"date":"2025-04-15T11:01:03","date_gmt":"2025-04-15T05:31:03","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25608258"},"modified":"2025-04-26T17:33:28","modified_gmt":"2025-04-26T12:03:28","slug":"accounting-concepts-every-entrepreneur-should-know","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/accounting-concepts-every-entrepreneur-should-know\/","title":{"rendered":"Basic Accounting Concepts Every Entrepreneur Should Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d012370d505\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d012370d505\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/accounting-concepts-every-entrepreneur-should-know\/#Basic_Accounting_%E2%80%93_Key_Concepts\" >Basic Accounting &#8211; Key Concepts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/accounting-concepts-every-entrepreneur-should-know\/#Basic_Accounting_Terms\" >Basic Accounting Terms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entri.app\/blog\/accounting-concepts-every-entrepreneur-should-know\/#Summary\" >Summary<\/a><\/li><\/ul><\/nav><\/div>\n<p>Entrepreneurship is a large and exciting endeavor\u2014but that means you must also look after your finances wisely. For many small business owners, accounting sounds like a complicated galaxy of esoteric jargon and difficult-to-understand regulations. But being aware of just a few simple-sense accounting concepts can go a long way toward assisting you in making better business choices, stay in compliance, and expand successfully. In this blog, we\u2019ll break down the basic accounting concepts every entrepreneur should know\u2014no accounting degree required!<\/p>\n<p style=\"text-align: center\"><strong><a href=\"https:\/\/entri.app\/course\/practical-accounting-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Unlock Your Accounting Potential \u2013 Enroll in Our Comprehensive Course Today!<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Basic_Accounting_%E2%80%93_Key_Concepts\"><\/span><strong>Basic Accounting &#8211; Key Concepts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Below given are the key accounting principles on which all financial systems are built. Learning these will allow you to read the reports and grasp your company&#8217;s financial position:<\/p>\n<h4><strong>1. Accrual versus Cash Basis Accounting<\/strong><\/h4>\n<p>Cash Basis: Expenses and revenues are accounted for when cash is exchanged.<\/p>\n<p>Accrual Basis: Revenues and expenses are accounted for when incurred or earned, regardless of when paid or received.<\/p>\n<p>Most businesses convert to accrual accounting when they grow for a more accurate picture of finances.<\/p>\n<h4><strong>2. Double-Entry Accounting<\/strong><\/h4>\n<p>Every transaction affects at least two accounts: a debit on one and a credit on another.<\/p>\n<p>This approach keeps the accounting equation balanced and reduces errors.<\/p>\n<h4><strong>3. The Accounting Equation<\/strong><\/h4>\n<p>Assets = Liabilities + Owner&#8217;s\u00a0Equity<\/p>\n<p>This equation is the basis of your balance sheet.<\/p>\n<p>It maintains your books in balance and lets you see where your money is going and where it is coming.<\/p>\n<h4><strong>4. Revenue Recognition<\/strong><\/h4>\n<p>Revenue needs to be recognized when earned\u2014no, not necessarily when cash is received (much more important in accrual accounting).<\/p>\n<h4><strong>5. Matching Principle<\/strong><\/h4>\n<p>Expenses need to be accounted for in the same time period as the revenue they relate to. This gives a more accurate picture of profitability.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Basic_Accounting_Terms\"><\/span><strong>Basic Accounting Terms<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here we are providing the common accounting terms you will hear frequently.<\/p>\n<ul>\n<li data-start=\"2233\" data-end=\"2303\"><strong data-start=\"2233\" data-end=\"2243\">Assets<\/strong>: Cash, tools, merchandise, etc. your company owns<\/li>\n<li data-start=\"2306\" data-end=\"2374\"><strong data-start=\"2306\" data-end=\"2321\">Liabilities<\/strong>: loans, overdue invoices, etc. do company owe<\/li>\n<li data-start=\"2377\" data-end=\"2445\"><strong data-start=\"2377\" data-end=\"2387\">Equity<\/strong>: Assets less liabilities to show the owner&#8217;s portion of the company.<\/li>\n<li data-start=\"2448\" data-end=\"2499\"><strong data-start=\"2448\" data-end=\"2459\">Revenue<\/strong>: Income from offering goods or services<\/li>\n<li data-start=\"2502\" data-end=\"2551\"><strong data-start=\"2502\" data-end=\"2514\">Expenses<\/strong>: Running the company<\/li>\n<li data-start=\"2554\" data-end=\"2602\"><strong data-start=\"2554\" data-end=\"2577\">Profit (Net Income)<\/strong>: Revenue minus expenses.<\/li>\n<li data-start=\"2605\" data-end=\"2661\"><strong data-start=\"2605\" data-end=\"2628\">Accounts Receivable<\/strong>: money owing to you by consumers.<\/li>\n<li data-start=\"2664\" data-end=\"2724\"><strong data-start=\"2664\" data-end=\"2684\">Accounts payable<\/strong>: money you owe to vendors or suppliers.<\/li>\n<li data-start=\"2727\" data-end=\"2797\"><strong data-start=\"2727\" data-end=\"2745\">General Ledger<\/strong>: The whole record of all financial activities<\/li>\n<li data-start=\"2800\" data-end=\"2879\"><strong data-start=\"2800\" data-end=\"2817\">Trial Balance<\/strong>: A summary of every ledger account guarantees their balance.<\/li>\n<li><strong data-start=\"67\" data-end=\"82\">Capital: <\/strong>Money the owners have put into the company.<strong data-start=\"67\" data-end=\"82\"><br \/>\n<\/strong><strong data-start=\"134\" data-end=\"150\">Drawings: <\/strong>Money or items stolen from the company for personal consumption by the owner.<\/li>\n<li><b>Inventory: <\/b>Goods a company has on hand for sale.<\/li>\n<li><strong data-start=\"303\" data-end=\"323\">\u00a0Fixed Assets:<\/strong> Long-term assets including buildings, land, and machinery utilized in commercial operations.<\/li>\n<li><strong data-start=\"414\" data-end=\"436\">\u00a0Current Assets: <\/strong>Cash, inventory, and receivables\u2014among other assets scheduled to be used up or converted to cash within a year.<strong data-start=\"414\" data-end=\"436\"><br \/>\n<\/strong><\/li>\n<li><strong data-start=\"553\" data-end=\"580\">\u00a0Current Liabilities: <\/strong>Short-term loans, accounts payable, and debts or commitments due within one year.<\/li>\n<li><strong data-start=\"668\" data-end=\"693\">\u00a0Retained Earnings: <\/strong>Profits retained in the company instead of distributed as dividends.<\/li>\n<li><strong data-start=\"770\" data-end=\"803\">\u00a0Cost of Goods Sold (COGS): <\/strong>The\u00a0direct expenses resulting from a company&#8217;s goods sold production.<\/li>\n<li><strong data-start=\"887\" data-end=\"908\">Journal Entry: <\/strong>An accounting system record of a commercial transaction.<\/li>\n<li><strong data-start=\"973\" data-end=\"986\">\u00a0Debit: <\/strong>An accounting entry that increases assets or expenses and decreases liabilities or equity.<\/li>\n<li><strong data-start=\"1082\" data-end=\"1096\">Credit:<\/strong> An accounting entry lowering assets or expenses and raising liabilities or equity.<\/li>\n<li><strong data-start=\"1192\" data-end=\"1218\">\u00a0Accrual Accounting: <\/strong>Recording income and expenses when they are earned or incurred, not when cash is received or paid.<\/li>\n<li><strong data-start=\"1321\" data-end=\"1344\">Cash Accounting: <\/strong>Recording income and expenses only when cash is actually received or paid.<\/li>\n<li><strong data-start=\"1423\" data-end=\"1443\">\u00a0Amortization: <\/strong>Spreading out the cost of an intangible asset (like a patent) over its useful life.<\/li>\n<li><strong data-start=\"1531\" data-end=\"1548\">Bad Debts:<\/strong> Customer debt that seems unlikely to be paid back.<\/li>\n<li><strong data-start=\"1610\" data-end=\"1634\">\u00a0Break-even Point: <\/strong>The moment when complete income matches all expenses\u2014no profit, no loss.<strong data-start=\"1610\" data-end=\"1634\"><br \/>\n<\/strong><\/li>\n<li><strong data-start=\"1712\" data-end=\"1737\">Chart of Accounts: <\/strong>An enumeration of every account a corporation uses within its accounting system.<\/li>\n<li><strong data-start=\"1808\" data-end=\"1824\">\u00a0Dividend: <\/strong>Some of the earnings of a corporation shared among its owners.<\/li>\n<li><strong data-start=\"1894\" data-end=\"1913\">Fiscal Year: <\/strong>Accounting\u00a0uses a 12-month period, either matching or not the calendar year.<\/li>\n<li><strong data-start=\"2006\" data-end=\"2019\">\u00a0Audit: <\/strong>An unbiased review of financial data meant to guarantee compliance and correctness.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-25608260 aligncenter\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/04\/visual-selection-14.webp\" alt=\"\" width=\"696\" height=\"637\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/04\/visual-selection-14.webp 696w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/04\/visual-selection-14-300x275.webp 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/04\/visual-selection-14-150x137.webp 150w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Summary\"><\/span><strong>Summary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Any entrepreneur would be wise to pick up fundamental accounting skills. Although mastering the principles\u2014the accounting equation, double-entry method, cash rather than accrual accounting\u2014will help you to maintain your company&#8217;s finances under control rather than overnight transformation into an accounting genius. The fundamentals help you to manage financial flow, swiftly monitor income and expenses, schedule taxes, and make wise, fact-based decisions. Once you understand the meaning behind popular words like assets, liabilities, income, and profit, you can better evaluate the performance of your firm and read financial reports. In essence, a fundamental knowledge of accounting helps you not only to survive in business but also to flourish confidently and assuredly.<\/p>\n<p style=\"text-align: center\"><strong><a href=\"https:\/\/entri.app\/course\/practical-accounting-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Become a Skilled Accountant \u2013 Join Our Accredited Accounting Course Now! Get free Demo Here!<\/a><\/strong><\/p>\n<p>Entri Elevate \u2013\u00a0<a href=\"https:\/\/entri.app\/course\/practical-accounting-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Business Accounting &amp; Finance Certification Programme<\/a>\u00a0covers every major section from the fundamentals to practical experiments. This programme will provide applicable exercises and real-life examples in financial accounting to strengthen the concepts.<\/p>\n<p>The course is offered entirely online, including video lectures, interactive exercises, and downloadable materials. Students can access the course content from anywhere, at any time, as long as they have an internet connection.<\/p>\n<table class=\"table\" dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting courses we offer&quot;}\">\n<h4><strong>Accounting courses we offer<\/strong><\/h4>\n<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting courses in Different Cities&quot;}\">\n<div>\n<h4><strong>Accounting courses in Different Cities<\/strong><\/h4>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Business Accounting &amp; Finance Certification&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/practical-accounting-course\/\"><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/practical-accounting-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Business Accounting &amp; Finance Certification<\/a><\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting course in Kochi, Ernakulam&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/accounting-course-in-kochi-ernakulam\/\">\n<div>\n<div><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/accounting-course-in-kochi-ernakulam\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Accounting course in Kochi, Ernakulam<\/a><\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Tally Course&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/tally-course\/\"><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/tally-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Tally Course<\/a><\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting course in Trivandrum&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/accounting-course-in-trivandrum\/\">\n<div>\n<div><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/accounting-course-in-trivandrum\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Accounting course in Trivandrum<\/a><\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Taxation Course&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/taxation-course\/\"><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/taxation-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Taxation Course<\/a><\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting course in Calicut&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/accounting-course-in-calicut\/\">\n<div>\n<div><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/accounting-course-in-calicut\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Accounting course in Calicut<\/a><\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;UAE Accounting Course&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/uae-accounting\/\"><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/uae-accounting\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">UAE Accounting Course<\/a><\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting course in Kannur&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/accounting-course-in-kannur\/\">\n<div>\n<div><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/accounting-course-in-kannur\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Accounting course in Kannur<\/a><\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;GST Course&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/gst-course\/\"><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/gst-course\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">GST Course<\/a><\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Accounting course in Thrissur&quot;}\" data-sheets-hyperlink=\"https:\/\/entri.app\/course\/accounting-course-in-thrissur\/\">\n<div>\n<div><strong><a class=\"in-cell-link\" href=\"https:\/\/entri.app\/course\/accounting-course-in-thrissur\/?utm_source=accounting&amp;utm_medium=blog_referral&amp;utm_campaign=basic-accounting-principles\" target=\"_blank\" rel=\"noopener\">Accounting course in Thrissur<\/a><\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Entrepreneurship is a large and exciting endeavor\u2014but that means you must also look after your finances wisely. For many small business owners, accounting sounds like a complicated galaxy of esoteric jargon and difficult-to-understand regulations. But being aware of just a few simple-sense accounting concepts can go a long way toward assisting you in making better [&hellip;]<\/p>\n","protected":false},"author":116,"featured_media":25608263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1887,802,1841],"tags":[],"class_list":["post-25608258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-articles","category-entri-skilling"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Basic Accounting Concepts Every Entrepreneur Should Know - Entri Blog<\/title>\n<meta name=\"description\" content=\"basic accounting concepts every entrepreneur should know being aware of just a few simple-sense accounting concepts can go a long way\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/accounting-concepts-every-entrepreneur-should-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Basic Accounting Concepts Every Entrepreneur Should Know - 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