Buddhism: “Treat not others in ways that you yourself would find hurtful.” Christianity: “Therefore all things whatsoever ye would that men should do unto you, do ye even so to them: for this is the law and the prophets.” (“Do unto others as you would have them do unto you.”)

Preview — All I Really Need to Know I Learned in Kindergarten by Robert Fulghum

• Share everything.
• Play fair.
• Don’t hit people.
• Put things back where you found them.
• CLEAN UP YOUR OWN MESS.
• Don’t take things that aren’t yours.
• Say you’re SORRY when you HURT somebody.
• Wash your hands before you eat.

Do unto others as you would have them do unto you. Treat other people with the concern and kindness you would like them to show toward you. This saying has come to be called the Golden Rule.

The Golden Rule guides people to choose for others what they would choose for themselves. The viewpoint held in the Golden Rule is noted in all the major world religions and cultures, suggesting that this may be an important moral truth (Cunningham 1998).

Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits as we show you how to record transactions.

What Are the Three Types of Accounting? Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting.

What are simple journal entries? In double-entry bookkeeping, simple journal entries are types of accounting entries that debit one account and credit the corresponding account. A simple entry does not deal with more than two accounts. Instead, it simply increases one account and decreases the matching account.

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

Accounting is the act of computing something, usually by dealing with numbers. You can see the word count within accounting, which is one way to remember that the word has to do with keeping track of numbers — usually in relation to financial transactions. Balancing your checkbook is a form of accounting.

Luca Pacioli

Definition: An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period.

Account is the individual record of an asset, a liability, a revenue, an expense or capital, in a summarized manner. For example, the individual record of sales is ‘sales account’. In the same way there are so many accounts which are opened in the ledger like salary account, machinery account, furniture account etc.

Definition of Account In accounting, an account is a record in the general ledger that is used to sort and store transactions. Most accounting systems require that every transaction will affect two or more accounts. For example, a cash sale will increase the Cash account and will increase the Sales account.

A real account is an account that retains and rolls forward its ending balance at the end of the year. These amounts then become the beginning balances in the next period. The areas in the balance sheet in which real accounts are found are assets, liabilities, and equity.

Here are a few examples of permanent accounts:

• Accounts receivable.
• Inventory.
• Accounts payable.
• Loans payable.
• Retained earnings.
• Owner’s equity.

Salary account is an expense account and is a nominal account.