Android Studio is packed with lots of useful functionalities for professional grade Android apps. It will be lot to digest all of them as a beginner so let us see the basics which will help us creating our application.
Once the Project is created you will be opened with a Java as will as XML file in the name of main activity.
The Java will act as an backend and the xml will act and your frontend(also called as layout page). These to files are automatically generated on project creation.
Android-->app-->manifests-->AndroidManifest.xml. This is like a property file which will decide your application name, application icon, application theme and which page should load when the application starts. So feel free to tweak them to your liking. This also an auto generated file.
The text inside application (android app does not recommend hard coded text), color, style are all available inside the following project directory Android-->app-->res, this res is also called as resource folder.
The png and icon which are used inside your android application are available on drawable & mipmap folder.
Application's primary color, secondary other color of your application can be tweaked inside res-->values--> colors.xml. As the same text properties will be on strings.xml and styles properties on styles.xml.
All the icon available on task bar are self explanatory like save, refresh, run, build and others.
We have another interesting stuff in Android Studio which is AVD (Android Virtual Device), lets you simulate android to run your developed android application.