Accounting Coach is another great resource that you can learn accounting basics. You'll be offered 33 different sections of free accounting information. However, they do offer Pro and Pro Plus options with more advanced classes when you've mastered accounting fundamentals.

There are five most referenced fundamentals of accounting. They include revenue recognition principles, cost principles, matching principles, full disclosure principles, and objectivity principles. This principle states that revenue should be recognized in the accounting period that it was realizable or earned.

The fundamentals of accounting include record keeping which is the primary function of accounting. A business must use standard forms of storing and retaining information so it can be retrieved when the need for it arises. Thorough and accurate storage of records is essential for all transaction-related purposes.