Definition of Environment

The environment is an essential component of human lives. The environment provides us with the vital ingredients that are necessary for the survival of life. Definition of Environment is written below

Definition of Environment

Our surroundings comprise a variety of living elements (plants, trees, animals, etc.) and non-living elements (air, water, mountains, etc.). Both these types of elements affect our existence. Without them, life would not be possible. Together living and non-living elements make up the environment.

Environment, thus, includes all biotic factors (i.e. living elements) and abiotic factors (i.e. non-living elements). It is the sum total of the surroundings and resources that affect our existence and quality of life. In other words, the environment encompasses biotic and abiotic components and their relations.

An important characteristic of the environment is that it is ever-changing. For example, air and water circulate continuously, thereby causing changes in climatic conditions. Similarly, certain species of animals and plants disappear and, at the same time, some other species of creatures appear in the environment. We can, thus, say that environment is dynamic in nature.

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Profit and Loss Account

A profit and Loss Account is the second financial statement prepared by an organization. This account is prepared to ascertain the net results of a firm in form of net profit earned or net loss incurred during an accounting period.

Accounting Software

Accounting software is an integral part of the computerized accounting system. The accounting software should be selected after considering the level of skill and proficiency of the accounting professionals.

What are Accounting Reports?

Accounting Reports: When the collected data is processed and manipulated in a useful sense that can be understood by the users without any ambiguity, then it becomes information.

Transaction Processing System

Transaction Processing System (TPS) refers to a computerized system that records, processes, validates, and stores routine transactions that occur in various functional areas of a business on daily basis.

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