Every CFO should be well-versed in the following basics of financial accounting:

1. Financial Statements: Understanding the components of the balance sheet, income statement, and cash flow statement is crucial. Each of these statements offers different views of the company's financial health and performance.
2. Double Entry System: This is the basis of all accounting. Each financial transaction affects at least two accounts – one account is debited, and the other is credited.
3. GAAP and IFRS: These are the generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) that provide the framework for financial accounting.
4. Account Reconciliation: CFOs should know how to reconcile accounts to ensure financial records are accurate and complete.
5. Accrual Accounting: This is a method of accounting where revenues are recognized when earned and expenses are recognized when incurred, not necessarily when cash is received or paid.
6. Cost Accounting: This involves the process of recording, classifying, analyzing, summarizing, and allocating costs associated with a process, and then developing various courses of action to control these costs.
7. Tax Accounting: Understanding tax regulations and planning for tax obligations is an important part of a CFO's role.
8. Auditing: While CFOs may not conduct audits themselves, they should understand the auditing process and the principles of internal control that audits assess.
9. Financial Analysis and Interpretation: CFOs should be able to analyze financial statements to assess profitability, liquidity, solvency, and efficiency. This includes understanding key financial ratios and what they indicate about a company's performance.
10. Budgeting and Forecasting: Preparing budgets, financial forecasts, and cash flow projections are crucial tasks in financial management.
11. Risk Management: Understanding the financial risk management principles and the use of derivatives to hedge risk is essential.

These concepts serve as the foundation for understanding more complex financial issues and strategies in a CFO's role. Further, a CFO must be aware of changes and updates in financial accounting standards and regulations.