Leaning Online

For the successful of any business, an entrepreneur must have those traits that are required for successfully starting and stabilization of the business. Following are the top traits of an entrepreneur that makes him / her successful in the life cycle of the business. 1. Passionate suitable to his / her skills A successful entrepreneur must be passionate suitable to his / her skills otherwise mere being passionate is not enough to carry on the business successfully. There are real life examples where an entrepreneur has passion to carry on the business but due to lack of skills, such entrepreneurs fail at the end. 2. Risk Taker A successful entrepreneur always takes risks especially, he / she is moderate risk taker to carry on the business. Risk is the part of the business life. But taking too many risks or carrying on the business without risk will surely lead the business into fail position. 3. Consistent A successful entrepreneur is alway

Previously we studied about the Cost Principle GAAP , but here we are concerned with Objectivity Principle GAAP. What Does Objectivity Mean in Accounting? According To Objectivity Principle “There should be factual and definite basis for the valuation of assets”. For Example, if an entrepreneur purchased land for business use, then there should be factual and definite basis for the valuation of the cost of the land. The estimated market’s value of land is not the definite or factual value so this value is not objective, because the market’s value is constantly changing. In Accounting, Objectivity means that the information presented in Financial Statements And Reports must be free from any influence that makes it biased. There is no Conflicts of Interests which means no interested party tries to get their own benefits by influencing the information presented in Financial Statements and Financial Reporting. To do

Prove that m = F / a or there is also an inverse relationship between mass (m) of the body and acceleration (a), if a force is applied on the body. We already know that according To Newton’s Second Law of Motion : F = ma  So, we have: m = F / a Let's say a body is moving an accelerations of 3 m/s 2 if we apply a Force of 30 N, then what is the mass (m) of the body? To Prove, We put the values in the equation, so that we can find the left hand side, which represents the mass of the body as shown below: m = F / a m = 30 / 3 = 10 Left Hand Side = m = 10Kg From Right Hand Side, we have: Right Hand Side = F / a Right Hand Side = 30 / 3 Right Hand Side = 10 Newton / ms- 2 Hence m = F / a Or  Right Hand Side =  Right Hand Side Hence it is proved that there is an inverse relationship between mass (m) of the body and acceleration (a), if a force (F) is applied on the body according to Newton’s

Here we discuss about Cost Principle that is one of the Generally Accepted Accounting Principles (GAAP). The Cost Principle states that assets should be recorded or valued at cost initially. It does so to show historical cost of the assets at balance sheet of the business when the asset was purchased for the first time of the company history. However, t his pri nciple restricts t h e compa ny to s how o nly  origi nal cost . So, for a compa ny  it does not mean that a compa ny always follows  t his pri nciple of GAAP  a nd  s hows   assets at cost o nly .  The Entrepreneur may record assets at other than  historical  cost to show on balance sheet. According To Cost Principle, the cost value will become the basis for the valuation of the assets. For Example, if the market value of the asset is increased or decreased, then the assets can be revalued at the market value. For Example if a business purchased Land & Building for Rs.5000