(Youtube Lecture Link:https://youtu.be/M9akQBe9n_s)
In this lecture, I explain key accounting and business concepts, providing a strong foundation for understanding financial operations. Key terms covered include:

Cost: Payments made or to be made to acquire goods or services. Revenue: Income generated from business activities.

Profit: Excess amount realized over cost when selling goods or services. Expense: Cost of goods and services used in generating revenue.

Loss: Cost of goods and services used without generating revenue. Transactions: Exchange of goods and services expressed in monetary terms.

Cash Transactions: Transactions where payment is made immediately. Credit Transactions: Transactions where payment is deferred to a future date.

This comprehensive overview helps students build a solid understanding of basic accounting principles and business operations, crucial for financial decision-making and analysis.

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