The Cosmological Paradigm

Although modern cosmological ideas aren’t quite set in stone, an overall paradigm has emerged. IMHO it is rather seriously flawed which is perhaps why there isn’t quite the consensus in modern cosmology as say in some other areas of scientific inquiry, such as Darwinian evolution or the standard model of particle physics. In any event, the following current Cosmological Paradigms (CP) are stated then if necessary rebutted by myself (JP).CP – The Big Bang Event is attributed to be / explain the origin of our (note: not “the”) Universe.JP – No issues here and there are three lines of actual observational evidence that support and back this up. 1) The Cosmic Microwave Background Radiation; 2) the chemical abundances of hydrogen, helium and lithium; 3) the Doppler redshifts exhibited by distant galaxies that relate the shifts with galactic distance. The greater the shift, the greater the distance.CP – The Big Bang Event happened roughly 3.8 billion years ago – give or take.JP – I have no issue with this dating.CP – There was no before the Big Bang Event.JP – This is just an unproven assertion and there are various scenarios that postulate a before the Big Bang Event. I’d postulate that of necessity there must have been a before the Big Bang Event on the grounds that according to the First Law of Thermodynamics matter / energy can neither be created nor destroyed. Therefore the Big Bang Event could not have created matter / energy and therefore matter / energy existed prior to the Big Bang Event.CP – The Big Bang Event was a micro-sized (pinhead) happening. That is to say the entire contents of our Universe were jammed together inside a tiny volume in the beginning. This is deduced by running the expansion rate of our Universe back to just Nano-seconds post the Big Bang Event.JP – Cosmologists can’t actually see the embryo Universe until roughly after 380,000 years post the Big Bang Event. That’s because the Universe was just too opaque to have photons escape. That’s akin to how photons at the centre of our Sun just can’t immediately escape and make themselves known.Further, there is absolutely no justification for running the clock back to just Nano-seconds post the Big Bang Event. There’s the expanding balloon analogy. Consider the filming of an expanding balloon and calculating the expansion rate. Then run the clock backwards until the balloon was the size of a pinhead. You could do it, but it would be fallacious and unjustified. The same would apply to extrapolating a nuclear or dynamite explosion back to a nanosecond post said explosion and concluding that the A-Bomb or the dynamite stick was then the size of a pinhead.Finally, if the contents of our Universe were once jammed into a volume the size of a pinhead, you’d have a singularity. And while cosmologists talk about a singularity at the Big Bang Event that implies that there must have existed the Mother of all Black Holes and this there could not have been a “Bang”, big or otherwise. Thus, the Big Bang Event happened in a volume of space that was large enough to avoid the formation of that Mother of all Black Holes; way, way, way larger than the size of a pinhead.CP – The Big Bang Event created all of the Universe’s matter and energy.JP – There is no way to demonstrate, even in theory or by use of a theoretical equation(s) the creation of an absolute something (which matter / energy is) from the state of an absolute nothingness. It’s absurd and prohibited by the First Law of Thermodynamics as noted above. Matter and energy must have existed prior to the Big Bang Event.CP – The Big Bang Event created both time and spaceJP – This is just about as bogus as it gets. Since time and space have no actual structure and are composed of no actual substance, neither can be created – except within conscious minds. Time and space are just mental concepts and constructs. Now the concepts of time and space are dependent on the existence of matter and energy. Time for example is just change and change is just motion and something with structure and substance has to exist in order for there to be motion. So if matter and energy existed before the Big Bang Event, then so too does the concept of time and space, again something that minds envisage since time and space are immaterial concepts.CP – Because the Big Bang Event actually created space, there was no centre to the creation of our Universe.

JP – The Big Bang Event did not create space. Space is an immaterial hence mental concept. Space has no structure and is composed of no substance. Anyone who claims otherwise has to actually identify what that structure is and what that substance is. IMHO, the alternative is that the Big Bang Event happened in already existing, or preexisting space. Thus, there is indeed a centre that exists as the centre of the creation of our Universe. However, that centre has so now cooled off to the temperature of the rest of the Universe that it can no longer be identified as a unique point.Further, the directions of all of the expanding galaxies in (not on) space doesn’t in and of itself identify the centre since each galaxy would have to identify itself as the centre since all other galaxies are moving away from every other galaxy (local galactic clusters excepted of course).CP – The Big Bang Event created an absolute something (our Universe) from an absolute nothing.JP – This, yet again, is in total violation of the First Law of Thermodynamics (noted earlier) which states that matter / energy can neither be created nor destroyed. Thus, yet again, there was a before, a previous material existence prior to the Big Bang Event.CP – The Big Bang Event was apparently immediately followed by a very brief period of very rapid inflation. Inflation is required in order to account for various observational features the Universe has. These observations centred on: 1) the horizon problem; 2) the flatness problem and 3) the monopole problemThe horizon problem – contact between two regions – is a problem in that if you look at exact opposite regions of the Universe; you tend to see pretty much the exact same thing, especially when it comes to temperature. Well, in order for things to achieve equilibrium, requires that the two regions be in relatively close proximity since the exchange can only happen at velocities equal to or less than the speed of light. If two opposite areas of the sky, looking deep into space, are the same temperature, it requires that these two regions were once close together, close enough for equilibrium at or less than the speed of light to have taken place in order to even conditions out. Unfortunately, the distances observed between opposite points in the sky are such that uniformity could not have been possible. They are now out of contact with each other – beyond each other’s ‘horizon’ so any bits of non-uniformity between regions that eventuated way back when should have persisted – and when we look that deep into space we are looking way back when. We need some serious additional oomph to get uniformity between regions from way, way back then (i.e. – immediately post Big Bang Event) out to currently observed distances.The flatness problem revolves around the observation that the Universe is fine-tuned with respect to the density of matter and energy contained within, a density that has resulted in a just so ‘flat’ universe. Translated, a flat universe is one where Euclidian geometry holds sway (the three angles of a triangle add up to 180 degrees). Now if the density was greater, the Universe would be closed, like a sphere (i.e. – the Earth), where the angles of a triangle on the surface add up to more than 180 degrees. If the density were less, the Universe would be an open (i.e. – saddle-shaped) hyperbolic Universe where the angles of a triangle add up to less than 180 degrees. If you have a potentially wide range of possible densities, it’s amazing that our Universe has that just-so flatness.The monopole problem is that under the conditions of the Big Bang, one should have generated monopoles – magnets with either a north pole, or a south pole, but not both. Alas, no monopoles have ever been detected or observed. They appear to be rarer than hen’s teeth.Well, the way to circumnavigate those problems is to propose not just an original Big Bang Event explosion, but an additional super-ultra ‘explosion’ that speeded up the expansion of the Universe, ever so briefly, by a very, very, very large factor indeed. This secondary ‘explosion’ was termed “inflation”. Inflation made the expansion rate of the Universe caused by the Big Bang to appear almost insignificant.So how does an extreme, but brief, burst of expansion (i.e. – inflation) solve the flatness, horizon and monopole issues?The horizon problem is solved by inflation. While, initial pre-inflation Big Bang conditions would have provided for the required close enough contact to achieve uniformity, regions flying apart would soon acquire their own distinct ‘personalities’ and be far enough apart that equilibrium could never be restored between these regions, even at light speed. However, that additional serious bout of Inflation then rapidly expanded out that evenness, Inflation providing the extra oomph and freezing the uniformity in place to the distances we observe today.The flatness problem is explained because an extremely rapid rate of inflation would smooth out the Universe. If you’re bacteria on the surface of an uninflated balloon, you’ll see peaks and troughs – wrinkles. If that balloon is blown up thousands of times greater in extent, the surface will now appear flat – just like the surface of the Earth appears flat to us.The monopole problem is solved because the volume of the Universe increased thousands of times over in nanoseconds such that monopoles were now dispersed over an incredibly large volume such that the odds one would be in our cosmic neighbourhood becomes vanishingly tiny.JP – Inflation is just an ad hoc way of explaining away various anomalies that would arise if only there had just been a “Bang”. Other than the lack of these anomalies, there is no observational evidence that this brief burst of additional post “Bang” inflation. Another point of contention is what came first, the Big Bang Event chicken or the Inflationary egg? That’s not clear depending on what cosmological model you adopt. Also, I never really understood why you need BOTH the Big Band Event AND inflation. Why not just combine the two into one brief but violent Ka-Boom.CP – As a result of the Big Bang Event creating space, space in and of itself is expanding and carrying the cosmic flotsam and jetsam piggyback style along for the ride.JP – The rather awkward question is, if space is an actual something that has substance, what is space expanding into?By the way, there is no actual observation that can be currently made that can distinguish the flotsam and jetsam of our Universe be carried on space as opposed to travelling and expanding through space.Further to the point and in any event, the Michelson-Morley experiment in the late 19th Century (1887) disproved the idea that space was an actual something, at that time referred to as the “ether”.CP – The expansion rate of space is now accelerating.JP – Where is the necessary energy for that observation coming from? It takes increasing amounts of energy to cause increasing rates of acceleration. After all, our Universe was born with only a limited finite amount of matter / energy. That finite amount can’t be further increased as if by waving a magic wand.CP – The energy for this observed acceleration is called “Dark Energy”.JP – And nobody has a clue what “Dark Energy” actually is. Attaching a name to something isn’t in and of itself an actual explanation for what it is or why it is or how it came to be.Further, if “Dark Energy” is all pervasive, then “Dark Energy” should be around each and every one of us right now. “Dark Energy” should therefore be readily accessible for in situ investigation – ditto “Dark Matter”. Both “Dark Energy” and “Dark Matter” aren’t just OUT THERE somewhere, but here, there and everywhere. Alas, that reasoning hasn’t resulting in cosmologists being any the wiser.CP – Expanding space creates “Dark Energy” and “Dark Energy” expands space thus creating even more “Dark Energy” in an ever circular pattern.JP – That’s a free lunch / something from nothing scenario. IMHO there has to be an alternative explanation that accounts for the apparent acceleration rate of our Universe’s expansion rate. Two things come to mind. The first is that astronomers / astrophysicists don’t understand Type 1-A supernova as well as they think they do. Type 1-A supernova were the standard candle that was used in determining the acceleration rate. Secondly, if the speed of light has not remained constant over cosmic time, that would throw a monkey-wrench into the works.CP – The Energy density of our Universe is constant even though our Universe is expanding.JP – The obvious conclusion is that therefore something (energy) is constantly being created out of absolutely nothing in total violation of the First Law of Thermodynamics. It’s a waving the magic wand scenario.CP – Based on current observations, it would appear that our Universe will keep on keeping on expanding forever, resulting in an eventual “Heat Death” or cosmic “Big Rip” where “Dark Energy” will ultimately tear everything macro apart down to the micro fundamentals.

JP – That would appear to be the case – based on current observations and understandings that is.Summation of JP cosmology:Basic premise – The Big Bang Event happened in preexisting space and time and did not create matter / energy, nor was it a micro-sized happening. The (our) Universe is expanding therefore through space and not on space.*The container we call “space” (actually IMHO preexisting space) extends as infinitely in all directions as makes no odds. No matter how far you travel into space, you can travel further.*In this infinite cosmic expanse, universes are born (Big Bangs) and expand. Further, all universes share the same laws, principles and relationships inherent in our physical sciences.*Since matter / energy can neither be created no destroyed, there has to be recycling going on at the cosmic level; on a cosmic scale, since otherwise time and entropy marches on and universes age and like good soldiers, just fade away.*However, the problem arises that if our Universe is going to expand forever and ever, amen, then how are the materials therein going to get recycled?*Lets first take a step back. There’s a lot of recycling that takes place in our own Universe. Lots of ordinary stars, even like our own Sun, spew out stuff – sort of like taking the recycling bin out for eventual collection. I mean things like the solar wind and coronal mass ejections. Other stars spew out more of their guts (nova) or even large amounts of their innards (supernova) into interstellar space. All of this expelled stuff contributes to an ever increasing amount of interstellar gas / dust which when dense enough, under gravity, contracts to give birth to new (2nd, 3rd, 4th, generation) stars. As an example, our own star is believed to be a 3rd generation star.*Analogous to stars spewing out their innards (as expanding star-stuff), we have an expanding Universe. But in ‘infinite’ space what if one expanding universe starts to intersect another expanding universe(s) Maybe the now increasing density is sufficient to cause gravity (as in the case of interstellar gas / dust becoming new stars) to strut it’s stuff. One get a local contraction into a quasi-Big Crunch. It has to be quasi since the contraction has to avoid the Black Hole / singularity scenario.*Anyway, old universes, like old stars, recycle into new universes. That’s true whether it be via a quasi-Big Crunch or if even instead a Big Bounce (see below), you still end up with a new (even if not improved) expanding universe.An analogy:Take the following analogy: There’s four cars all heading east, west, north and south respectively that’s leading to an intersection. The distance from the car’s front bumper to the middle of the intersection is exactly 60 miles. If all four cars travel at exactly 60 mph, it’s going to be one almighty Ka-Boom at the intersection. But if the four cars travel at 58, 59, 60 and 61 mph respectively, there will be no Ka-Boom at the intersection. The Ka-Boom is the analogy for a collapsing universe creating a singularity – the Mother of all Black Holes – and thus eliminating any possible new Big bang. The Big Crunch that avoids the creation of the Mother of all Black Holes is analogous in the same way as the four cars travelling at ever so slightly different speeds avoided the four-way crash at the intersection.Another possibility is that what if the four cars are akin to super-magnets? Front bumpers are positive north poles and rear bumpers are negative south poles. So the four cars that are just about to collide in a Big Crunch don’t because their collective magnetic repulsions stop their motion then repelled the cars backwards and away from each other – a sort of Big Bounce. This might be analogous to how electrons are seemingly repelled from crashing into and entering the nucleus of their atoms or akin to the Pauli Exclusion Principle which prohibits lots of electrons from cramming into the same ‘orbit’.

Why India Is A Great Place For Hiring Virtual Employees

If you are searching for an incredible solution for your business, you have to procure an employee with right skill & talent. With globalization leveling the world, it has turned out to be progressively essential for organizations to use outsourcing firms in India to remain focused. The incredible information technology based virtual employees from India serves you with animating solutions for empowering your projects. India is the best outsourcing destination for technical work, when compared to other outsourcing areas in Eastern Europe, the Pacific Rim and Latin America.Here are few reasons why India is a great place for hiring virtual employees for your organization:Cost-EffectiveMoney is at the center of all explanations behind outsourcing. India has turned out to be the most cost-effective. Labour costs in nations, for example, US, UK, Australia, Canada and Dubai are tremendous when compared to India. A lower cost directly has an impact and increases the ROI. Rather than employing in-house workforce, offices like to outsource their business to Indian companies which give them committed virtual employees which would work precisely like in-house assets will work for the offices abroad. It offers adaptability, as well as decrease in capital expenses, infrastructure and maintenance costs by a considerable margin.CommunicationSeamless communication is another reason that these countries lean towards India more than any other counties. Viable communication is the most imperative factor for better execution of plans and strategies. Indians are known to communicate in English superior to their Chinese or Filipino partners.

Access To Skilled WorkforceOutsourcing business to India encourages access to skilled assets with a lot of experience. It has the most astounding number of talented assets in sectors, for example, IT, BPO and Finance to name a few.India additionally brags upon the greatest involvement in dealing with basic activities without breaking a sweat. Accessibility of talented workforce at reasonable pricing is good to beat all for the offices situated in US, UK, Australia, Canada and Dubai among others.Advanced Infrastructure & Latest TechnologyIndian agencies intensely concentrate on the arrangement of the most recent of technologies and infrastructure. Moreover, training the workforce on the most recent upgrades is at the core of their strategy. They lead preparing programs all the time to guarantee their employees are at the highest point of their diversion constantly the time. This helps Indian firms take into account the demanding needs of overseas clients and execute critical projects in a consistent way.India’s Outsourcing Friendly PoliciesOutsourcing business is one the principle source of foreign income for Indian economy. Hence, India’s outsourcing approaches are adaptable encouraging overseas companies outsource their business to India in a hassle free way.From $US 50 billion out of 2010 to $ US 118 billion out of 2016, India’s development in outsourcing is massive. The insights plainly recommend that while India’s policies are viewed as favorable for outsourcing, accessibility of skilled resources at low expenses again settles on India as the best decision for outsourcing.Productivity & Better Customer SupportOutsourcing expands profitability and customer support. Both of these elements are imperative to effectiveness and 100% consumer loyalty which likewise brings about repeating business.Round the clock customer support, regardless of time zone contrasts and extraordinary charge over English likewise helped India move up the step in a limited capacity to focus time exceeding every single other countryIndia Offers Better Pricing FlexibilityThe plain truth is that American labor is costly-and ought to be, given that the average cost for basic items is high compared to most of the world. In addition to each staff member’s salary, there is the cost of taxes, medical coverage, liability insurance, computers, work place and much more, depending upon the perks you offer. The average range for a decent developer can be somewhere in the range of $50 to $80 an hour for a full-time staff member (depending upon skills and experience). Contrast this with the hourly cost of a developer in India, which can be brought down to as low as $15 every hour for an experienced staff. Pricing flexibility enables you to be substantially more inventive in dealing with your spending when you can’t bear the cost of higher-priced staff.

India can help you focus on core business competenciesAs your business develops, you will need support for your expanding client base or research and test new items while continuing your current growth rate. Dealing with everything in-house may remove your concentration from core business activities. However, hiring virtual employees from India can empower you to designate noncore activities while you keep on managing the business functions that make you effective. India is a versatile outsourcing location, where you can without much of a stretch discover a service provider for customer support, research, marketing or any other business activity that you would prefer to outsource.Outsourcing to India is simpleBeginning with outsourcing to India is as simple as finding an appropriate Indian service provider and signing an outsourcing contract. In any case, you should find a way to guarantee that you outsource just what you can deal with.

Why Are So Many People Interested In Their Rights, But Not Their Responsibilities?

In today’s world, it is not uncommon to hear someone talk about what their rights are or how their rights are being taken away. This is the type of thing that one is likely to hear if they use social media or go to a university, for instance.The Point of FocusThe people who are like this are often only concerned about what the world owes them, meaning that they won’t even think about what they owe the world. Here, someone is going to be focused on receiving.The other side of the equation, giving, is then going to be completely overlooked. It could then be said that someone like this will have a strong sense of entitlement, which is why they are behaving in this manner.One FactorWhat can define whether this behaviour is seen as acceptable can be how old the person is who behaves in this manner. For example, if a young child was to talk about what they want and how they want to be treated, it is going to be somewhat normal.For one thing, a child is going to be dependent on other human beings, so it won’t be possible for them to do a lot for themselves, let alone others. Their body and their mind are still going to be developing.A StageThis child will be at stage in their life when they will need to receive in order to grow and, once this has taken place for a little while, they will be in a position to give to the world. At this stage of their life, their parent/s will owe them things.

It is then similar to how a lot of work will need to go into building a house, with this being a time when the house won’t be able to give anything back. But, once it has been built, it will give far more than it needs.A Different ScenarioHowever, if a young adult was to behave in this manner and didn’t pay attention to what they need to give; their behaviour can come across as being extremely self-centred. One is then no longer going to be a child, but they will be behaving as though the world is their parent.This is going to be a world that is made up of individuals – individuals who have their own needs – as opposed to people who are there to fulfil their every need. Their time to purely receive from others and to give very little in return is well and truly over.A Big DifferenceTheir time as a child would have been a time in their life when they were entitled to special treatment from their parent/s, but this is not how life works now that they are an adult. Now, this is something that a lot of adults are going to realise.Through being this way, it is likely to make it easier for them to handle the moments when they are not treated as they would like to be treated. They are generally going to see life through the eyes of an adult not a child.A Cover UpStill, when someone is more or less obsessed with their ‘rights’ and what the world owes them, it can be hard for them to see what is taking place. The reason for this is that someone can create the impression that they are on some kind of moral crusade and/or say that they are being oppressed.In certain cases, someone might be in a position where they are being treated badly, but it won’t always be this black and white. What also needs to be looked into is why someone would end up in a position where they are being ‘oppressed’.For ExampleNowadays, someone can identify as being part of a certain group, for instance, and through being part of this group they can claim victim status. It can then be seen as totally acceptable for them to talk about how their rights are not being respected and for them to oppress others in the process, amongst other things.Based on how they behave, it can be as though they have paid a lot of money for something and they haven’t received anything in return. So, through being completely consumed by what they are not getting from the world, they could be completely oblivious to the effect that they are having on the world.One of BalanceOne is then not going to be able to put themselves in others peoples shoes and to think about what their views are. They might have identified as something, for instance, and they will then expect everyone on the planet to treat them in a certain way.

On the surface they can talk about what they deserve and how oppressed they are, but underneath all this can be the need to control others. With this in mind, how many people who talk about how oppressed they are just traumatised people who feel extremely powerless?The ReasonIf someone feels this way at a deeper level, it could be a sign that they didn’t receive what they need when they were growing up. This could have been a time when they were abused and/or neglected.Ergo, as they didn’t receive what they needed during this time in their life, they now expect other adults to give them what they parent/s couldn’t give them. And through being emotionally undeveloped, they won’t feel ready to give anything back.ConclusionWhat this shows is that someone will often look towards other adults to give them what their parent/s didn’t give them – their unmet child won’t have disappeared. Taking this into account, there is the chance that a lot of the people who are obsessed with their rights didn’t receive the kind of care that they needed during the beginning of their life.If one can relate to this, and they want to grow up emotionally, it might be a good idea for them to reach out for external support. This can be provided by a therapist or a healer.

Compensation Issues

It is well known that the subject of compensation can be very difficult. That is why it is worth using the help of compensation offices, which will greatly simplify the process of claiming benefits due. Very often it happens that the injured have a big problem with Insurance Companies. This applies especially to collisions or traffic accidents. Insurance companies almost always lower the value of benefits paid. Fighting alone is not always effective and carries with it a lot of challenges. Preparing appealing letters, cost estimates, collecting medical records, etc.Unfortunately, all this is necessary to properly justify your arguments and undermine the arguments issued by the insurer.

The biggest problem concerns cost estimates prepared by insurance companies. These are not always reliable and reliably priced. Instead of the original parts, insurers offer cheaper substitutes of inferior quality. The same applies to the lowering of man-hours rates. It is averaged instead of relying on rates on the local market. Unfortunately, this is not the end of problems. Another matter is depreciation, which means lowering the value of parts, depending on their consumption at the time of the event. Of course, all these elements are listed in the cost estimate, but not everyone can handle his reading.The compensation case is not only about communication events. An equally serious problem is faced by people injured in accidents at work, in agriculture or on an unpaved sidewalk. Also in these cases, insurers very often do not pay full compensation amounts. Here it is worth noting that in addition to reimbursement for, for example, treatment, purchase of medicines or commuting to the hospital, victims are entitled to redress, and therefore a special benefit, which is intended to reward the pain and suffering resulting from an accident. Insurers very often avoid payment of these services in an adequate amount.

For compensation, all invoices and bills must be prepared. To obtain redress, documentation prepared by a psychologist will be necessary. The more documents we prepare, the higher amount of money we get.Due to this, a lot of people decide to support compensation law firms that take responsibility for claiming damages. In most cases, customers do not bear initial costs, and only settle after winning the case. It should also be added that the compensation amounts won with the help of lawyers are usually much higher. It is worth taking into account the help of experienced people.

5 Financial Considerations For Future Homeowners

Since one’s house, is, the single, biggest, financial asset, for the vast majority of people, doesn’t it make sense, for potential homeowners, to consider, recognize, and evaluate, some of the relevant financial considerations? Obviously, a potential homeowner should have a professional look at, and evaluate, his credit worthiness, and what adjustments, and/ or steps, should be made, prior to pursing their house. This article will attempt to briefly examine, consider, and discuss, 5 financial considerations, qualified, potential home buyers, should seriously look at, because their future enjoyment, of the home, of their dreams, might be impacted, by some of these factors.1. Down – payment: Depending on many factors, the percentage needed, for a down – payment, in order to secure a mortgage, may vary. We generally consider the conventional amount to be 20%, which means, if the mortgage, being secured, is, for example, $500,000, they will need to put down, $100,000. Remember, the more the down – payment, generally, the better the interest rate/ terms, and vice versa. In addition, what one must pay, every month, is based on how much, is being borrowed, and, therefore, one should consider his personal comfort zone!

2. Other, initial out – of – pocket monies, needed: When one closes on a home, there are many closing costs, the new homeowner, will experience. One is reimbursing the existing owner, for the remaining amount of oil, the amount of prepaid taxes (including real estate taxes, etc). Another is the escrow payment, lending institutions generally require, which includes prepayment for items, such as, generally, approximately, 6 months, real estate taxes, insurance, etc. Don’t forget, your attorney fees, title fee, title insurance, etc.3. Mortgage payment – related: Remember, your monthly mortgage payment, will include principal, interest, and escrow (including taxes and fees, insurance, etc). A future homeowner must examine, what monthly amount will he feel comfortable with, not only what he qualifies for. When this is not considered, we often witness, what we call, House – poor!

4. Other monthly costs: Besides your mortgage – associated monthly costs, there will be other recurring expenses. Your utility bills, will include heating, electric, a reserve for maintenance and repairs, etc. Be prepared!5. Emergency/ contingency/ reserves: The best way to prepare for unforeseen challenges, is to commit, every month, to paying into, a reserve fund (separate account), which you accumulate, yo prepare for contingencies. These include emergencies, shortages, contingencies, repairs, and renovations, as well as the necessary, planned maintenance and upkeep!Will you prepare for future financial considerations, related to home ownership? Are you up to that commitment?

How to Trade in Currency

Trading in currency in other words also known as foreign exchange is the world’s largest financial market and was the area in which world’s largest financial institutions were involved. Earlier the Forex transactions were of biggest concern of the big corporate houses, however as the time changes the need for foreign currency has made its way through corporate houses to individuals who are involving in some sort of international transactions. Though the volume of transactions and the people involved in currency trading is increasing exponentially, still there is an information asymmetry between the investors and the market. Thus, to mitigate the information asymmetry and to provide the individual investor all the required information, let’s look at few basic things need to be paid attention,

• Currency trading market Vs other markets: All the other markets in the entire world are having a regulating authority who keeps a note of every transaction happening within their vicinity. But in case of the currency market, there is no such regulating authority or mediator who keeps a check of all the transactions. Transactions between parties happen through pre-arranged credit agreements. These ad-hoc arrangements are known for providing liquidity requirements of the institutions and individuals.• Immateriality: Trading in currency market literally doesn’t involve any kind of physical transfer. All the transactions happen online without any involvement of physical currency. All the gains and losses are calculated and netted in respective currency accounts.• Intermediation: In the currency market, there is no formal intermediation due to which there is no place for any sort of broker or agent. As there are no intermediaries there is no question of commission. All the gains and losses are individualistic and are the results of one’s own deeds.Above mentioned are the few basic aspects that are needed to be known by everyone who is participating in currency markets to mitigate the information asymmetry and to avoid the risk of loss. Besides, above as we all know the transactions in currency markets always happen in pairs of currencies. The value of the currency in pairs is decided by the purchasing power of the currency in the respective markets. There are certain pair of currencies that are considered exotic in the world’s currency market and they are,

• Euro/ US Dollar
• US Dollar / Japanese Yen
• Britain Pound/ US Dollar
• US Dollar / Swiss FrancThe above-mentioned currencies are currencies of the world’s strongest economies thus making them more precious and expensive across the globe. Not only these combinations, any above currency in combination with other currencies out of this pairs trade in highest volumes in almost all the Forex markets.

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

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.


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.