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Everything you need to know about basic accounting concepts. Basic Accounting Concepts 1 Define Accounting. Basic Accounting Concepts 2 - Debits and Credits. Basic Accounting Concepts 1 Define Accounting. On Saturday, August 15th 2015. To Should information or data be an asset on the balance sheet? Profit and Loss Statements. On Saturday, July 4th 2015. To How do I read a profit and loss statement? .