In this comprehensive session, we dive deep into essential accounting principles to help finance students solidify their understanding of key topics. We start by exploring revenue recognition, focusing on when and how it is recognized, emphasizing the difference between service delivery and payment receipt. Next, we unpack the matching process, ensuring revenue and related expenses are reported within the same period, a fundamental concept for accurate financial reporting. The session highlights the critical differences between cash and accrual basis accounting. While cash basis recognizes revenue upon receipt, accrual recognizes it when earned, offering a clearer picture of a company's financial health. We also discuss the importance of temporary and permanent accounts, emphasizing how temporary accounts are closed at the end of a period while permanent accounts carry balances forward.