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.
Characteristics of 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.
Functions and Importance of Environment
Offers productive resources: The environment provides us with tangible resources such as minerals, water and soil. These are gifts of nature. These resources act as inputs for converting natural resources into productive and useful things. In other words, the environment provides inputs for products that enhance the quality of human life. Both renewable and non-renewable resources exist in nature. Renewable resources can get renewed or replenished quickly; for example, trees and fisheries. Non-renewable resources cannot get renewed or replenished quickly; for example, fossil fuels and minerals.
Sustains life: The environment provides us with the vital ingredients that are necessary for the survival of life; for example, sun, soil, water and air. In other words, the environment supports life. The absence of such environmental elements implies an absence of life. The environment also supports biodiversity.
Assimilates wastes: Various human activities generate waste. The environment absorbs these wastes in the form of garbage.
Enhances quality of life: The environment includes surroundings such as rivers, oceans, mountains and deserts which have much scenic beauty. We all enjoy and admire the aesthetic beauty of our surroundings and this, in turn, adds to the quality of our lives. Having discussed about the meaning and importance of the environment, in the next lesson we will analyse the environment scenario in India.
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 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.
Commercial Sources of Energy
Commercial sources of energy are available to users at some price. The energy derived from these sources is generally used for commercial production purposes. Coal, petroleum, natural gas, electricity and hydropower are examples of commercial sources of energy. Other than hydropower, all the others are exhaustible sources of energy. Differences between Commercial and Non-commercial Sources …
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