Before starting a Small Business require fundamental accounting knowledge, it’s beneficial to have a basic understanding of accounting concepts. Here’s a list of fundamental accounting knowledge that can help you get started:

1. Basic Accounting Principles: Familiarize yourself with accounting principles such as the accrual concept, matching principle, consistency principle, etc.
2. Types of Accounts: Understand different types of accounts such as assets, liabilities, equity, revenue, and expenses.
3. Double Entry System: Learn the concept of double-entry accounting where each transaction affects at least two accounts.
4. Journal Entries: Understand how to record transactions using journal entries, including the debit and credit rules.
5. Ledger Accounts: Know how to post journal entries to respective ledger accounts and understand the purpose of ledger accounts.
6. Trial Balance: Learn how to prepare a trial balance, which is a list of all general ledger account balances at the end of a reporting period.
7. Financial Statements: Gain knowledge about basic financial statements like the income statement, balance sheet, and cash flow statement.
8. Income Statement: Understand how to calculate revenue, expenses, and net income (or net loss) for a given period.
9. Balance Sheet: Learn how to prepare a balance sheet, which shows a company’s financial position at a specific point in time.
10. Cash Flow Statement: Understand the components of a cash flow statement, which shows how cash flows in and out of a business during a specific period.
11. Accounting Equation: Familiarize yourself with the accounting equation (Assets = Liabilities + Equity) and its significance in accounting.
12. Depreciation: Understand the concept of depreciation and its methods like straight-line depreciation, reducing balance method, etc.
13. Bank Reconciliation: Learn how to reconcile bank statements with the company’s records to ensure accuracy and detect discrepancies.
14. Financial Ratios: Have a basic understanding of financial ratios like liquidity ratios, profitability ratios, and solvency ratios.
15. Taxation Basics: Understand basic taxation concepts relevant to accounting such as VAT, GST, income tax, etc., depending on your location.