Financial literacy in accounting involves understanding various financial concepts and principles123. Key concepts to learn include: Saving: Understanding how to set aside money for future needs. Investing: Knowing how to grow wealth by putting money into assets. Budgeting: Creating and managing a financial plan. Financial statements: Understanding balance sheets, income statements, and cash flow statements. Time value of money: Recognizing that money has different values over time due to interest and inflation. Compound interest: Understanding how interest compounds over time. Managing debt: Learning how to handle loans and credit. Financial planning: Developing strategies for achieving financial goals