BASIC CONCEPTS:

WHAT IS ACCOUNTING:
-It is an information system consisting of a set of principles, procedures and techniques for identifying, classifying, recording, represent, reveal, analyze and control the operations performed by a company or business, to establish its economic and financial situation and other Additional Information.

-Here is a video that can also help you on your definition.(click on the link).

                           What is Accounting?

 ELEMENTS OF FINANCIAL STATEMENTS.

-They are each of the assets, rights and obligations that are part of the assets of the companies.
The conceptual framework of the International Accounting Standards Board, IASB
defines five basic elements that make up the accounts:

-ACTIVE         -PASSIVE          -CAPITAL        -EXPENSES           -INCOME

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