The Golden Rule: Do unto others as you would have them do unto you. It’s the simple ethic of reciprocity. If you don’t like to be treated a certain way, then you certainly shouldn’t be treating others that way.

Physical noise is any external or environmental stimulus that distracts us from receiving the intended message sent by a communicator (Rothwell 11). Examples of physical noise include: others talking in the background, background music, a startling noise and acknowledging someone outside of the conversation.

Loud music at a party is a example of physical noise. Correct answer: A Other example is irritating hum of your computer, air conditioner, or heater.

Explanation: A feedback message is a type of message between two speakers whereby one speaker communicates to the second speaker and receives a reply, answer or feedback.

The 7-38-55 rule is a concept concerning the communication of emotions. The rule states that 7 percent of meaning is communicated through spoken word, 38 percent through tone of voice, and 55 percent through body language.

Ten golden rules of communication

• Mindfulness: Leaders have to be mindful at all times.
• Compassion: Communicating with compassion will result in a different tone and message.
• Inspiration: Great leaders are always good at inspiring others.
• Right issue: Leaders will not waste time on unimportant issues.

According to the seven Cs, communication needs to be: clear, concise, concrete, correct, coherent, complete and courteous.

To apply these rules one must first ascertain the type of account and then apply these rules.

• Debit what comes in, Credit what goes out.
• Debit the receiver, Credit the giver.
• Debit all expenses Credit all income.

The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.

What Are The 3 Types of Accounts in Accounting?

• Personal Account.
• Real Account.
• Nominal Account.

These five basic principles form the foundation of modern accounting practices….5 Important Principles of Modern Accounting

• The Revenue Principle.
• The Expense Principle.
• The Matching Principle.
• The Cost Principle.
• The Objectivity Principle.

Four Constraints The four basic constraints associated with GAAP include objectivity, materiality, consistency and prudence.

The best way to understand the GAAP requirements is to look at the ten principles of accounting.

1. Economic Entity Principle.
2. Monetary Unit Principle.
3. Time Period Principle.
4. Cost Principle.
5. Full Disclosure Principle.
6. Going Concern Principle.
7. Matching Principle.
8. Revenue Recognition Principle.

There are three steps in the accounting process those are Identification, Recording and Communicating. all are discussed here in detail.

The Nine Steps in the Accounting Cycle

• Step 1: Analyze Business Transaction.
• Step 2: Journalize Transaction.
• Step 3: Posting To Ledger Account.
• Step 4: Preparing Trial Balance.
• Step 5: Journalize & Post Adjustments.
• Step 6: Prepare Adjusted Trial Balance.
• Step 7: Prepare Financial Statements.

The 8 Steps of the Accounting Cycle

1. Step 1: Identify Transactions.
2. Step 2: Record Transactions in a Journal.
3. Step 3: Posting.
4. Step 4: Unadjusted Trial Balance.
5. Step 5: Worksheet.
6. Step 6: Adjusting Journal Entries.
7. Step 7: Financial Statements.
8. Step 8: Closing the Books.

First Four Steps in the Accounting Cycle. The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance.

Defining the accounting cycle with steps: (1) Financial transactions, (2)Journal entries, (3) Posting to the Ledger, (4) Trial Balance Period, and (5) Reporting Period with Financial Reporting and Auditing.

We will examine the steps involved in the accounting cycle, which are: (1) identifying transactions, (2) recording transactions, (3) posting journal entries to the general ledger, (4) creating an unadjusted trial balance, (5) preparing adjusting entries, (6) creating an adjusted trial balance, (7) preparing financial …

Step 1: Analyze Business Transaction. Step 2: Journalize Transaction. Step 3: Posting To Ledger Account. Step 4: Preparing Trial Balance.

The four steps of processing a transaction are:

• Analyze and record transactions.
• Record transactions to journal.
• Post journal information to a ledger.
• Prepare an unadjusted trial balance.

The steps required for individual transactions in the accounting process are:

1. Identify the transaction. First, determine what kind of transaction it may be.
2. Prepare document.
3. Identify accounts.
4. Record the transaction.

A journal is a detailed record of all the transactions done by a business. Reconciling accounts and transferring information to other accounting records is done using the information recorded in a journal.

These basic accounting concepts are as follows:

• Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed.
• Conservatism concept.
• Consistency concept.
• Economic entity concept.
• Going concern concept.
• Matching concept.
• Materiality concept.

The three major elements of accounting are: assets, liabilities, and capital. These terms are used widely so it is necessary that we take a look at each element.

What is the Materiality Concept? The materiality principle states that an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.

At a glance: The different types of accounting

• Financial accounting.
• Governmental accounting.
• Public accounting.
• Cost accounting.
• Forensic accounting.
• Management accounting.
• Tax accounting.
• Auditing.