Tips on Starting a New Trading Business

Trading simply means the business of finding a buyer and corresponding seller of a product and being the middleman to the exchange. You will earn a profit for the difference in the price at which you buy and the price at which you sell. It is becoming a booming business online with an increasing number of people realizing the vast potential and low investment requirements inherent to the business. However, just as many people find success at a trading business as the number that don't, so you'd better be prepared to use your smarts and work hard. It is no gold paved highway to easy money, as some people like to think, so keep the following guidelines in mind while starting a new trading business.

Reliable source -

You will need to find a solid, dependable and affordably priced source for your product. Since you are working on maximizing the margin, you need to be sure you are not being overcharged by your supplier. Further, test your selected source out thoroughly before starting. Ask for references and talk to the supplier's other customers, especially irate ones. Make a relationship and use more than one supplier since it is not a good idea to be dependent totally on just one supplier, especially initially.

Tips on Starting a New Trading Business

Reliable delivery -

Next you will require a reliable delivery system, either through the supplier's channel or through your own. Ensure that the system is fairly fool proof. Test it - send yourself a sample of the product. Keep testing from time to time to be sure that the system still works well. Remember that your customers will blame you for any loss, damage or delay so your delivery channel has to be perfect.

Legal requirements -

Find out if there are any restrictions on your product of choice. Be sure that you understand the legal repercussions of trading the product and all surrounding paperwork. If there is documentation required, complete that before you begin and in case the documentation is on going, make sure you factor in the costs.

Accounting and taxation -

Research in detail all the accounting and tax requirements. Talk to people in the business, accountants, or look it up online. When you form your business plan, make sure you account for all expenses and costs in setting up and running your trading business.

Credibility -

Building up your trust factor is essential. Customers and potential customers will need proof of your credibility and it is essential to gain recognition as reliable trading business. This can be established through references or ratings. Make sure that you are perceived as being 100% reliable, since this is absolutely the first and crucial step towards gaining a customer base.

Communicate -

Create a network of customers and suppliers to ensure that you are always in the loop for new developments in customer requirements and product information. Maintain a constant interaction with these two groups through email/ mailing lists, newsletters, forums etc.

Starting a trading business is not rocket science, but requires effort and common sense, and there is always potential for large profits.

Tips on Starting a New Trading Business
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William King is the director of UK Wholesalers & Drop Shipping Suppliers Directory, Wholesalers & Suppliers Directory, and Drop Shippers & Drop Shipping Products Directory. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.

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How To Turn Your $500 Into $1,000,000 in Less Than 3 Years With Very Low Risk Trading Forex

It is the dream of every new forex trader to make a fortune in the forex markets. Many try it, burn their fingers and then give up thinking it to be an impossible dream. They don't know that there are many ordinary traders who indeed became millionaires trading forex. Many new traders have this false impression that you need a lot of capital in your trading account in order to make a fortune.

Many forex brokers will also advise them to have at least ,000 in their trading account. In fact, the actual truth is that you don't need a large amount of capital in your trading account. You can start with only 0 and grow that amount into a fortune in a matter of 2-3 years. Yes, this is true. Read this article to discover a Forex Millionaire Maker System that does not need more than 0 and can take you to your first million in less than 3 years.

Meet Tony Manso. He has been trading forex since 2004. In the beginning, he did not meet with success but then he was able to perfect a system that helped him grow his account with low risk. There are many pitfalls that you may fall into on your way to your success. Many traders face this when they see that they are making winning trades but their account is not growing.

How To Turn Your 0 Into ,000,000 in Less Than 3 Years With Very Low Risk Trading Forex

Suppose, you are a new trader. You need to set your goals as a trader. What are your goals as a trader? Do you want to trade for a living? Do you want to trade part time? Suppose, you want to make your first million in the next 2-3 years. Is it doable? Yes, it is very much doable. What you need is determination and persistence. You will succeed.

You don't need to rush. First perfect your trading strategy. You can use your demo account. Choose your favorite currency pair and select a trading system that you think can take you to your ultimate goal of making your first million dollars. Test it on your demo account thoroughly. As a rule of thumb, only select that trading system and trading strategy that is able to triple your demo account in a matter of two months. Do that twice.

You can read Tony Manso's ebook, 'The Forex Millionaire Maker", that explains a lot of things that you need to consider before you embark on your actual journey. Tony is even ready to share with you his Forex Set and Forget Robot that makes at least 60% return annually with very low risk. 60% annual return means 5% monthly return. The most important thing in trading is to choose a trading strategy that has a low risk and high reward ratio.

Trading is a game of survival. You need to learn how to survive in the markets. Making a low risk safe return is what you must aim at. Don't go for hype that promises returns as high as 100% in a month. Most of these strategies have high risk and for a new trader may not be good.

Tony is willing to let you test his Forex Set and Forget Robot for only for 30 days on you demo account. When you download his Forex Set and Forget Robot for only, you also get his Forex Millionaire Maker eBook as a bonus that I was talking about. Now, Tony is very clear. He wants you to test his Forex Set and Forget Robot for 30 days and if his robot does not make you happy, simply ask him for a refund and get your back!

You can keep the Forex Millionaire Maker eBook bonus. If you are really interested in making your first million dollars trading forex in the next 2-3 years starting with only 0, you need to give Tony Manso's Forex Millionaire Maker System a RISK FREE trial. You have nothing to lose.

How To Turn Your 0 Into ,000,000 in Less Than 3 Years With Very Low Risk Trading Forex
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Rectification Of Accounting Errors

Accountants prepare trial balance to check the correctness of accounts. If total of debit balances does not agree with the total of credit balances, it is a clear-cut indication that certain errors have been committed while recording the transactions in the books of original entry or subsidiary books. It is our utmost duty to locate these errors and rectify them, only then we should proceed for preparing final accounts. We also know that all types of errors are not revealed by trial balance as some of the errors do not effect the total of trial balance. So these cannot be located with the help of trial balance. An accountant should invest his energy to locate both types of errors and rectify them before preparing trading, profit and loss account and balance sheet. Because if these are prepared before rectification these will not give us the correct result and profit and loss disclosed by them, shall not be the actual profit or loss.

All errors of accounting procedure can be classified as follows:

1. Errors of Principle

Rectification Of Accounting Errors

When a transaction is recorded against the fundamental principles of accounting, it is an error of principle. For example, if revenue expenditure is treated as capital expenditure or vice versa.

2. Clerical Errors

These errors can again be sub-divided as follows:

(i) Errors of omission

When a transaction is either wholly or partially not recorded in the books, it is an error of omission. It may be with regard to omission to enter a transaction in the books of original entry or with regard to omission to post a transaction from the books of original entry to the account concerned in the ledger.

(ii) Errors of commission

When an entry is incorrectly recorded either wholly or partially-incorrect posting, calculation, casting or balancing. Some of the errors of commission effect the trial balance whereas others do not. Errors effecting the trial balance can be revealed by preparing a trial balance.

(iii) Compensating errors

Sometimes an error is counter-balanced by another error in such a way that it is not disclosed by the trial balance. Such errors are called compensating errors.

From the point of view of rectification of the errors, these can be divided into two groups :

(a) Errors affecting one account only, and

(b) Errors affecting two or more accounts.

Errors affecting one account

Errors which affect can be :

(a) Casting errors;

(b) error of posting;

(c) carry forward;

(d) balancing; and

(e) omission from trial balance.

Such errors should, first of all, be located and rectified. These are rectified either with the help of journal entry or by giving an explanatory note in the account concerned.

Rectification

Stages of correction of accounting errors

All types of errors in accounts can be rectified at two stages:

(i) before the preparation of the final accounts; and

(ii) after the preparation of final accounts.

Errors rectified within the accounting period

The proper method of correction of an error is to pass journal entry in such a way that it corrects the mistake that has been committed and also gives effect to the entry that should have been passed. But while errors are being rectified before the preparation of final accounts, in certain cases the correction can't be done with the help of journal entry because the errors have been such. Normally, the procedure of rectification, if being done, before the preparation of final accounts is as follows:

(a) Correction of errors affecting one side of one account Such errors do not let the trial balance agree as they effect only one side of one account so these can't be corrected with the help of journal entry, if correction is required before the preparation of final accounts. So required amount is put on debit or credit side of the concerned account, as the case maybe. For example:

(i) Sales book under cast by Rs. 500 in the month of January. The error is only in sales account, in order to correct the sales account, we should record on the credit side of sales account 'By under casting of. sales book for the month of January Rs. 500".I'Explanation:As sales book was under cast by Rs. 500, it means all accounts other than sales account are correct, only credit balance of sales account is less by Rs. 500. So Rs. 500 have been credited in sales account.

(ii) Discount allowed to Marshall Rs. 50, not posted to discount account. It means that the amount of Rs. 50 which should have been debited in discount account has not been debited, so the debit side of discount account has been reduced by the same amount. We should debit Rs. 50 in discount account now, which was omitted previously and the discount account shall be corrected.

(iil) Goods sold to X wrongly debited in sales account. This error is effecting only sales account as the amount which should have been posted on the credit side has been wrongly placed on debit side of the same account. For rectifying it, we should put double the amount of transaction on the credit side of sales account by writing "By sales to X wrongly debited previously."

(iv) Amount of Rs. 500 paid to Y, not debited to his personal account. This error of effecting the personal account of Y only and its debit side is less by Rs. 500 because of omission to post the amount paid. We shall now write on its debit side. "To cash (omitted to be posted) Rs. 500.

Correction of errors affecting two sides of two or more accounts

As these errors affect two or more accounts, rectification of such errors, if being done before the preparation of final accounts can often be done with the help of a journal entry. While correcting these errors the amount is debited in one account/accounts whereas similar amount is credited to some other account/ accounts.

Correction of errors in next accounting period

As stated earlier, that it is advisable to locate and rectify the errors before preparing the final accounts for the year. But in certain cases when after considerable search, the accountant fails to locate the errors and he is in a hurry to prepare the final accounts, of the business for filing the return for sales tax or income tax purposes, he transfers the amount of difference of trial balance to a newly opened 'Suspense Account'. In the next accounting period, as and when the errors are located these are corrected with reference to suspense account. When all the errors are discovered and rectified the suspense account shall be closed automatically. We should not forget here that only those errors which effect the totals of trial balance can be corrected with the help of suspense account. Those errors which do not effect the trial balance can't be corrected with the help of suspense account. For example, if it is found that debit total of trial balance was less by Rs. 500 for the reason that Wilson's account was not debited with Rs. 500, the following rectifying entry is required to be passed.

Difference in trial balance

Trial balance is affected by only errors which are rectified with the help of the suspense account. Therefore, in order to calculate the difference in suspense account a table will be prepared. If the suspense account is debited in' the rectification entry the amount will be put on the debit side of the table. On the other hand, if the suspense account is credited, the amount will be put on the credit side of the table. In the end, the balance is calculated and is reversed in the suspense account. If the credit side exceeds, the difference would be put on the debit side of the suspense account. Effect of Errors of Final Accounts

1. Errors effecting profit and loss account

It is important to note the effect that an en-or shall have on net profit of the firm. One point to remember here is that only those accounts which are transferred to trading and profit and loss account at the time of preparation of final accounts effect the net profit. It means that only mistakes in nominal accounts and goods account will effect the net profit. Error in the these accounts will either increase or decrease the net profit.

How the errors or their rectification effect the profit-following rules are helpful in understanding it :

(i) If because of an error a nominal account has been given some debit the profit will decrease or losses will increase, and when it is rectified the profits will increase and the losses will decrease. For example, machinery is overhauled for Rs. 10,000 but the amount debited to machinery repairs account -this error will reduce the profit. In rectifying entry the amount shall be transferred to machinery account from machinery repairs account, and it will increase the profits.

(il) If because of an error the amount is omitted from recording on the debit side of a nominal account-it results in increase of profits or decrease in losses. The rectification of this error shall have reverse effect, which means the profit will be reduced and losses will be increased. For example, rent paid to landlord but the amount has been debited to personal account of landlord-it will increase the profit as the expense on rent is reduced. When the error is rectified, we will post the necessary amount in rent account which will increase the expenditure on rent and so profits will be reduced.

(iil) Profit will increase or losses will decrease if a nominal account is wrongly credited. With the rectification of this error, the profits will decrease and losses will increase. For example, investments were sold and the amount was credited to sales account. This error will increase profits (or reduce losses) when the same error is rectified the amount shall be transferred from sales account to investments account due to which sales will be reduced which will result in decrease in profits (or increase in losses).

(iv) Profit will decrease or losses will increase if an account is omitted from posting in the credit side of a nominal or goods account. When the same will be rectified it will increase the profit or reduce the losses. For example, commission received is omitted to be posted to the credit of commission account. This error will decrease profits ( or increase losses) as an income is not credited to profit and loss account. When the error will be rectified, it will have reverse effect on profit and loss as an additional income will be credited to profit and loss account so the profit will increase ( or the losses will decrease). If due to any error the profit or losses are effected, it will have its effect on capital account also because profits are credited and losses are debited in the capital account and so the capital shall also increase or decrease. As capital is shown on the liabilities side of balance sheet so any error in nominal account will effect balance sheet as well. So we can say that an error in nominal account or goods account effects profit and loss account as well as balance sheet.

2. Errors effecting balance sheet only

If an error is committed in a real or personal account, it will effect assets, liabilities, debtors or creditors of the firm and as a result it will have its impact on balance sheet alone. because these items are shown in balance sheet only and balance sheet is prepared after the profit and loss account has been prepared. So if there is any error in cash account, bank account, asset or liability account it will effect only balance sheet.

Rectification Of Accounting Errors
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What Causes An Appreciation In The Exchange Rate

An appreciation in the Exchange rate can occur for various reasons. The most significant reasons include higher interest rates and lower inflation. An appreciation of the exchange rate can have a significant impact on a country's economic growth and inflation therefore it is important to understand what can cause an appreciation in the exchange rate.

1. Higher interest rates. If interest rates rise then it makes it more attractive to save money in UK banks and UK financial securities like bonds. Therefore this causes increased demand for sterling to deposit money in the UK. This is called "hot money flows" The higher demand for sterling causes an appreciation of the exchange rate. It is a significant factor because of the high volume of foreign exchange which is transferred between countries to take advantage of differences in interest rates.

2. Inflation Rates. If inflation in the UK is lower than elsewhere then it makes UK goods relatively more attractive. Therefore there is an increase in demand for UK exports and therefore higher demand for sterling this will cause an appreciation. This is a significant factor in the long term.

What Causes An Appreciation In The Exchange Rate

3. Speculation. A lot of exchange rate movements are due to speculation. If people think an exchange rate may increase in the future then they will buy now to try and make profit. Therefore this speculative buying causes significant fluctuations in the exchange rate. The attitude of foreign currency dealers to an economy is very important for determining the exchange rate.

4. Increase in competitiveness. This is related to lower inflation. If a country becomes more competitive because of increased labour productivity then there will be more demand for UK goods and the exchange rate.

5. Current Account Surplus. This means the value of imports (of goods and services) is less than the value of exports. Therefore more foreign currency is coming into the country than going out. (although it may be offset by a surplus on financial / capital account.

What Causes An Appreciation In The Exchange Rate
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View More: Economics Essays

Richard Pettinger studied Politics and Economics at Lady Margaret Hall, Oxford University. He now works as an economics teacher in Oxford. He enjoys writing essays on Economic and he edits a site - Economic Help which includes a blog about latest developments in Economics http://www.economicshelp.org/econ.html

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How Are Minerals Formed?

HOW ARE MINERALS FORMED?

MINERALS are naturally occurring, inorganic solids, with a characteristic chemical composition, having a regular atomic structure throughout. Man-made industrial diamonds are not considered true minerals but, having said that, there are also some Organic Minerals, such as Amber, which purists are reluctant to call minerals, but they satisfy at least three of the criteria for mineral makeup, and therefore the point is open to debate.

How Many Minerals are there? There are about 4000 listed minerals on this planet but only a relatively few have gained popularity due to their pleasing appearance, often bizarre shapes, exquisite spectrum of colours, and trading value. Minerals are generally composed of more than one element or compound. Those which are made up of only one element are called Native Elements e.g. gold, silver, mercury, copper. The Conquistadores fell in love with New World gold and "liberated" it by the ship-load to fill the coffers of Government and Church in Spain. Silver too, along with Topaz, Tourmaline, Agate, Ruby, Diamond and many other precious rocks and minerals, have been highly prized for as long as Man was first enchanted by their beauty, commercial value and status it imparted to the wearer.

How Are Minerals Formed?

So, just how are minerals formed? Minerals can be formed in a wide variety of geological environments; deep inside volcanos, at the bottoms of deep oceans, deserts, salt lakes and cooling deep deposits of molten rock. Also, under the influence of heat and or pressure, when solutions and gasses holding concentrations of specific elements cool or evaporate, minerals growths are deposited inside rock fissures or voids. These minerals are sometimes forced through as a suspension in water, the water then evaporating leaving the mineral deposits as crystals (e.g. Amethyst) when the rock void is not fully filled or as Agates, when the rock is completely filled. These minerals are only visible when the rock is split open; it takes some skill to decide which rock to crack open! More about that later. An example of such crystal and mineral specimens for collectors are Geodes which are round rocks containing precipitated mineral salts, these being commonly Agates (caused by mineral salt crystals forming inside Basalt rocks), Amethysts, Quartz, Jasper.

Minerals don't necessarily need heat or pressure to be formed; water saturated with mineral salts can leave deposits (Stalactites) as it drips down from the roof of a cave, forming corresponding Stalagmites directly below, over the centuries, where the drips hit. Eventually both grow to meet each other and thicken over the years. Sometimes, as a novelty, tourists can hang an item on a line at a cave, over which calcium carbonate saturated water runs; over a period of a few months it becomes encased in a hardening deposit of Calcium Carbonate.

THE THREE TYPES OF ROCK.
Ok, the basic scene has been set, now let's examine in more detail the different mechanisms involved in mineral formation. All minerals are formed from ROCKS, which are an aggregate or mixture of various minerals and are the basic materials from which a mineral is formed.
Rocks can be either:

Igneous - formed due to volcanic activity from the Earth's core.

Metamorphic - formed because of pressure or heat (e.g. tectonic plates colliding) on existing rocks, changing them into another type of rock.

Sedimentary - resulting from the layered compaction of weathered rock materials and/or shells.

Let us examine these rocks a little further:-

IGNEOUS ROCKS(from the Latin ignis - fire) can be further categorised as being or Extrusive.

Mineral crystals formed from Intrusive igneous rocks have a coarse structure because the cooling effect was slow and the crystals could grow for a long time, sometimes to a large size, especially when molten rock (magma) is trapped under ground and cools very slowly. Granite is an example of a commonly found intrusive rock. Other examples are:-

Diorite

Gabbro

Pegmatite (Pegmatites are known to contain aquamarine, tourmaline, beryl, topaz, cassiterite, fluorite, apatite, tin and tungsten plus a host of other minerals.

These rocks are generally only exposed after mountain-forming upheavals, when rocks deep down are thrust to the surface due to Tectonic Plate Convergence. The Himalayas, for example, are currently still being pushed up by convergence forces.

Extrusive rocks are magma ejected from volcanos and cooling rapidly on the Earth's surface. This means that their crystal structure is generally very small to microscopically small, as the crystals did not have sufficient time to develop. Obsidian (a glass-like black rock still used today by some surgeons because it keeps its sharp edge, down to one molecule!) & Basalt (the Giant's Causway at the northern tip of Irleand) are two commonly found extrusive rocks, as are:-

Andesite

Pumice

Rhyolite

Scoria

METAMORPHIC ROCK MINERALS (from the Greek meta after, morphe form) are formed when sufficient heat and pressure change the original rock into a completely new rock. The original rock can be sedimentary, igneous or metamorphic. The most important Metamorphic mechanism is heat, changing the rock's chemical structure at temperatures above 200 Celsius, breaking down the crystalline structures in the rock and converting them into new minerals. If the temperature becomes too high, the metamorphic action stops and the rocks become igneous. Marble is a common example of metamorphised limestone.

(hot water with dissolved ions) can also be responsible for changing parent rocks and is responsible for producing Sulphide minerals (e.g. Pyrite & Galena) and also Copper on the sea floor when the hot mineral-enriched water contacts the sea water.

Metamorphic Minerals - most of the minerals in following list are found exclusively in Metamorphic rock:-

Garnet

Kyanite

Chlorite

Talc

Graphite

Tourmaline

Asbestos

Mica.

Slate

Serpentine

SEDIMENTARY ROCK MINERALS. (from the Latin sedimentum - a settling). Sedimentary rocks are the basic building blocks from which nearly all metamorphic rocks are formed; it is the sedimentary rocks which are drawn down or pushed up by tectonic activity. While igneous & metamorphic rocks produce some of the finest mineral/gemstone specimens, the minerals in sedimentary rocks are not quite so impressive in form or range, though some sedimentary rock can also include igneous & metamorhic minerals as these rocks crumble due to weathering & being dissolved in water. Sedimentary rocks are also a mirror of the past, the different layers telling a story of what the Earth's climate was like over the millions of years the rocks were forming, especially because of the fossil content as, unlike the other two types of rock, the heat & pressures produced in sedimentary rock formation is not enough to destroy fossil evidence.

CLASSIFICATION OF SEDIMENTARY ROCKS.

CLASTIC Sedimentary Rock is layered or Lithified (from the Greek Lithos - rock) by deposits of erroded debris of other rocks (due to weathering, frost, glacial action, or water). Most of the igneous rock minerals (with the exception of Quartz, which is very hard) are attacked over time by water, acids & alkalis and changed into clay minerals and chemicals in solution. Other minerals in Clastic sedimentary rock, like Zircon, Rutile & Magnetite are inert and highly resistant to mechaincal & chemical breakdown.
Clastic rock also contains the minerals feldspar, quartz, amphiboles & clays.
Minerals found in clastic sedimentary rocks are in the classes of Halides, Sulphates, Borates.

BIOGENIC SEDIMENTARY ROCKS are made up of materials from living organisms, i.e. corals, molluscs & amoeboid organisms, which deposit layers of calcite over the ocean floors, which later form limestone. Other examples of minerals found in biogenic rocks are stromatolites and flint.

PRECIPITATE SEDIMENATRY ROCKS are formed when mineral solutions e.g. sea water, evaporate and deposit minerals such as Halite & Gypsum.

And finally, a list of mineral classes (for those who love lists!)

Classes of Minerals.
All minerals found in igneous, metamorphic & sedimentary rocks can be classified as follows:-

1. Elemental (Diamond, Gold, Silver)

2. Sulphides,Selenides,Telurides,Arsenides,Antimonides, Bismutides (Galena, Pyrite, Chalcoprite)

3. Halides (Fluorite, Carnalite)

4. Oxides & Hydroxides (Corundum, Quartz, Hematite, Magnetite)

5. Sulphates, Chromates, Molybdates, Tungstenates, (Barite, Selenite)

6. Phosphates, Arsenates, Vanadates (Variscite, Mimetite, Vanadinite,)

7. Silicates (Opal, Zircon, Talc, Tourmalines, Topaz)

8. Nitrates, Carbonates, Borates (Calcite, Malachite, Azurite)

9. Organic Minerals (Amber, Whewellite, Oxammite)

I hope the information has been of help to you in your quest for answers as to how are minerals formed. The subject of Mineralogy can be developed to great scientific depths, but I have tried to present the information in a format anyone can understand. I hope this small offering has whetted your appetite for further research! Later, I will be adding some information on where and how to find some of the most popular minerals & gemstones. Happy hunting!

How Are Minerals Formed?
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Scary Pop Ups - Beware the Scary Pop Up!

Almost everyone has experienced at least one of the many scary pop ups appearing on the internet, either wittingly or unwittingly. The unwitting ones have often ended up as viral videos themselves as the reactions to scary pop ups are sometimes better than the pop ups.

It usually begins with someone surfing the web for interesting or scary videos. They stumble across one that seems to offer wonderful footage of ghosts and the viewer eagerly clicks play and scoots close to the screen, in order to avoid missing any eerie or creepy things that might be found within the footage. The movie starts, often very slow and creepy music plays as the unsuspecting victim gets drawn even deeper into the video. Often in these scary pranks, the viewer will be instructed to "look closer" or turn up their speakers to hear the disturbing sounds. Then without warning, a picture usually grotesque in appearance, flashes onto the screen accompanied by a sometimes deafening and blood curdling scream.

Doesn't sound scary? Maybe you just haven't been surprised by one yet. These videos play off of natural human emotion and instinct and they often do a very good job of it. They have become an internet sensation and many have gone viral getting millions of views and causing millions of hearts to skip a beat across the world. So why the fascination with scary pop ups? Pop up style videos seem to feed the unwavering desire that many humans have to both laugh and experience fear. Whether you happen to be the one tricking someone into watching or you are the one who is about to get pranked, it's usually a win win situation for everyone.

Scary Pop Ups - Beware the Scary Pop Up!

These viral sensations have gradually spread into other types of videos and games available on the internet, such as the "scary maze" game. Unfortunately for all of us, you never really know when you might become a victim of the infamous scary pop up. They are even starting to "pop up" in music videos. Some of the better ones tend to not mention anything ghostly or scary at all, but ask the viewer to find the differences in two pictures, etc. The element of surprise is key and if done correctly, there is hardly anyone who won't involuntarily jump, scream, swat, fall down or all of the above as a result. Thus creating the next viral video, the hilarious reactions to scary pop ups.

Scary Pop Ups - Beware the Scary Pop Up!
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Principles of Accounting and Accounting Assumptions

In the modem world no business can afford to remain secretive because various parties such as creditors, employees, taxation authorities, investors, public and government etc., are interested to know about the affairs of the business. Affairs of the business can be studied mainly by consulting final accounts and the balance sheet of the particular business. Final accounts and the balance sheet are end products of book-keeping. Because of the importance of these statements it became necessary for the accountants to develop some principles, concepts and conventions which may be regarded as fundamentals of accounting. Such fundamentals having wide acceptance give reliability and creditability to the financial statements prepared by the accountants. The need for 'generally accepted accounting principles' arises for two reasons: First, to be logical and consistent in recording the transactions and second, to conform to, the established practices and procedures.

There is no agreement among the accountants as regards the basic concepts of accounting. There is no uniformity in generally accepted accounting principles (GAPP). The terms-axioms, assumptions, conventions, concepts, generalizations, methods, rules, doctrines, techniques, postulates, standards and canons are used freely and inconsistently in the same sense.

Principles

Principles of Accounting and Accounting Assumptions

"A general law or rule, adopted or professed as a guide to action, a settled ground or basis of conduct or practice." This definition given by dictionaries comes nearest to describing what most accountants mean by the word 'Principle'. Care should be taken to make it clear that as applied to accounting practice, the world principle, does not connote a rule for which there can be no deviation. An accounting principle is not a principle in the sense that it admits of no conflict with other principles.

Postulates

Mean to assume without proof, to take for granted or positive consent, a position assumed as self- evident. Postulates are assumptions but they are not arbitrary deliberate assumptions but generally recognized assumptions which reflect the judgment of 'facts' or trend or events, assumptions which have been borne out in past by facts supposed by legal institutions making them enforceable to some extent.

Doctrines

Mean principles of belief: what the scriptures teach on any subject. It refer to an established principle propagated by a teacher which is followed in strict faith. But in accounting practice, no such doctrine need be adhered to but the word denotes the general principles or policies to be followed.

Axiom

Denotes a statement of truth which cannot be questioned by anyone.

Standards

Refer to the basis expected in accounting practice, under different circumstances. In Indian context, the Institute of Chartered Accountants of India (ICAI) constituted an Accounting Standards Board on 21st April, 1977. The main function of ASB is to formulate accounting standards taking into consideration the applicable laws, customs, usages and business environment.

Accounting Assumptions

The International Accounting Standards Committee (lASC) as well as the Institute of Chartered Accountants of India (ICAI) treat (vide IAS-I & AS-I) the following as the fundamental accounting assumptions:

(1) Going concern

In the ordinary course, accounting assumes that the business will continue to exist and carry on its operations for an indefinite period in the future. The entity is assumed to remain in operation sufficiently long to carry out its objects and plans. The values attached to the assets will be on the basis of its current worth. The assumption is that the fixed assets are not intended for re-sale. Therefore, it may be contended that a balance sheet which is prepared on the basis of record of facts on historical costs cannot show the true or real worth of the concern at a particular date. The underlying principle there is that the earning power and not the cost is the basis for valuing a continuing business. The business is to continue indefinitely and the financial and accounting policies are followed to maintain the continuity of the business unit.

(2) Consistency

There should be uniformity in accounting processes and policies from one period to another. Material changes, if any, should be disclosed even though there is improvement in technique. A change of method from one period to another will affect the result of the trading materially. Only when the accounting procedures are adhered to consistently from year to year the results disclosed in the financial statements will be uniform and comparable.

(3) Accrual

Accounting attempts to recognize non-cash events and circumstances as they occur. Accrual is concerned with expected future cash receipts and payments: it is the accounting process of recognizing assets, liabilities or income for amounts expected to be received or paid in future. Common examples of accruals include purchases and sales of goods or services on credit, interest, rent (not yet paid), wages and salaries, taxes. Thus, we make record of all expenses and incomes relating to the accounting period whether actual cash has been disbursed or received or not. If a fundamental accounting assumption (i.e. Going concern, consistency and accrual) is not followed (in the preparation of financial statements) the fact should be disclosed. [AS-I para 27].

Principles of Accounting and Accounting Assumptions
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The author is an engineering graduate, B.E.(Hons), and is managing his own software development firm, HiTech Computer Services, that mainly deals in accounting, billing and inventory control software for traders, industries, business houses, hotels, hospitals, medical stores, newspapers, magazines, petrol pumps, automobile dealers, commodity brokers and other business segments, website and web application development for business. The software are available both for intranet and internet. These software are available for download from the website:

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