A loop repeats a set of statements until a condition is met. There are different types of loops like Do loops and For loops. Do loops check the condition at the end of each iteration while For loops check at the beginning. Accumulators are useful for keeping running totals as the loop iterates. The example code shows a Do While loop that uses the variable 'numShipments' as the accumulator to count the number of shipments until it reaches 50.