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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. Basic Accounting Concepts 2 – Debits and Credits. Posted by Peter Baskerville. On Saturday, August 15th 2015. To Should information or data be an asset on the balance sheet? Profit and Loss Statements. Posted by Peter Baskerville. On Saturday, July 4th 2015. To How do I read a profit and loss statement?