#module 06

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Module 06

“Why Do People Take Photos?”

The simplest way to explain to someone why people enjoy taking photographs is that photographs capture a fleeting moment of time. Whether a portrait, a photograph of something in movement or a passing emotion, photographs are able to show an aspect of a past point in time. The brilliance of photography is that it is a tool with many uses. In personal uses, photography is different for every single person. One may take photos for later reference in a drawing or writing. You could take photos share important moments of your life with friends and family. Or something looked interesting and maybe other people would think it was cool as well. Photography could be used on vacation to catalogue everything you saw to create a visual storybook of your adventures. Professionally, every photograph has a message to convey to an audience from the photographer. Wedding photographs are meant to show, and preserve for memory, the love of newlyweds. A photographer from a newspaper wants to accurately depict an event that the writer is trying to recreate with words. An advertising firm uses photography to evoke certain emotions to heighten the need for their product. Photography can be either easy or challenging, and the photographer decides which it will be. It is easy to point and shoot, the lighting may be poor and the angle is misleading, but a photo was taken and it can serve a purpose. The art of photography comes from the effort of those who take photos. Wildlife photographers, for instance, can spend weeks in the wilderness waiting for the perfect shot that will grace the cover of National Geographic. Sure, they had seen plenty of animals, but it is impossible to deny the awe when you see a rare leopard emerging from a misty forest at daybreak. People put their lives on the line to photograph volcanic eruptions, hurricanes, tornadoes and other violent weather conditions. Rather than take a shot of a tornado three miles away, photographers will race along deserted roads to capture the perfect moment of pure, unbridled destruction. Dedicated photographers will lie in the dirt, climb rickety fences, perch on the edge of buildings, and dodge traffic to ensure they have the right lighting and an angle that really drives home the intensity of the photo. There is little that can compare to a photograph that a dedicated photographer painstakingly prepared. Candid photos are some of the most powerful pieces produced, and there is little planning that can create the situations they are taken. A photographer will wait; prone on milk crates, camera trained on a group of people, for hours, until her subjects create a composition with value and depth. A simple picture isn’t enough, the lighting, the angle, the composition has to be compelling.

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Let’s check next module, explain the objectives of business. Objective is what? End result of the business activity where a business unit wants to reach, your aim and your target.  In the earlier days, profit maximisation was the aim, right, of every businessman. But today, business concentrates on profit as well as other factors like society, government and environment for its input , men, money, material and output needs customers to buy the finished goods, output the finished products. This is for achieving other objectives in order to survive in today’s competitive world.  

So, let’s check the definition given by Henry Ford, ‘Business is not mere money chasing but it also aims at serving the community’, right, the society, doing something for society.

Let’s check, objectives of business, right. First, economic objectives, next social objectives. So let’s start with economic objectives, a business organisation cannot be called as a business organisation unless it has economic objectives. So, let’s check the first economic objective of earning profit, right. So, profit earning may not be the sole, single aim of today’s business, but still it is an important and basic aim of every business. Herein, I have purchased this toy for 100 from a manufacturer. I will have to sell this for minimum 120, so that I earn Rs. 20 as profit. So, profit is required for the survival of business, right, for growth of business and meeting the family needs of businessmen. So, that business unit produces goods and services, remember that which are required by public and also allow to earn profit.

Let’s check next, creation of customers. The very existence of a business depends upon the number of customers it has created in the market. Particularly, if the competition level is high, a business organisation needs to work hard to create customers. And creating customers by supplying right goods and services at right time and right price. And tomorrow I want to increase, that’s an example, my customer base, so I will have to advertise my product on television, you can see. He is advertising his products on the television to increase his market, his customers.

Next, innovation, a business unit cannot keep offering same product for a long time, will you buy it, no, so external factors like fashion, purchasing capacity, technology keep on changing. So, even the product should change. If a business organisation wants to hold customers and create new customers then it has to spend money on research and development, market survey, use of technology etc., and provide new novelties to customers and can approach them in an innovative way. Owner of Taggi Noodles, now, ‘hey, listen I want to try something innovative product to attract more customers’ he is asking his friend and the friend replies, ‘you can introduce Taggi soup noodles or Taggi vegetable masala.’  You can check out new products, innovative products. Noodles are doing well in the market but now I need to try something innovative to increase my profits, right, kids.

Best possible use of resource, now most of the resources are scarce we cannot afford to waste those scarce resources. So we go for optimum use, that’s why maximum use of resources. Ultimately leads to increasing profit. Here you can see, right, designers’ workshop. Dress designers’ workshop, right, making some designer clothes and leftover clothes, right, all those cut pieces are reused for making bags. So this is best possible use of resources.

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Let’s go to next module, methods for calculation of depreciation. So, methods for calculation of depreciation means to determine the amount of depreciation, there are different methods.So let’s proceed further, before that we have to understand one more important term, that is Written Down Value abbreviated as WDV, very commonly abbreviated as WDV. So, what is that WDV? It is the value of assets in the books after deducting depreciation from the original cost of the asset. After deducting depreciation, we have seen depreciation is reduction, so when we deducted this depreciation, whatever is left that is called as WDV. See, further every year depreciation is charged with which reduces the book value of the asset. Because of charging depreciation its value goes on decreasing and that value we call as book value. So, book value goes on decreasing because of charging depreciation. Written Down Value goes on decreasing every year as depreciation is continuous reduction in the value of fixed assets. Depreciation is the continuous reduction every year, depreciation will be taking place and that will keep on decreasing the value of fixed assets. So that value after charging depreciation is Written Down Value.Let’s see here one illustration, original cost of the asset Rs. 1 lakh less depreciation, we are charging depreciation on this particular asset, just one hypothetical figure we have taken here depreciation is Rs. 20,000. That we are going to see how to calculate that, but at present to understand this WDV  we have taken depreciation Rs. 20,000, that means the value of fixed asset decreased by 20,000 at the end of first year. Now, tell me, friends, what is the value of asset in our books, our books value is Rs. 80,000, and the original cost one lakh, depreciation charged, so now it is 80,000 at the end of first year or beginning of second year. Now, this 80,000, what do you call this, just now we saw that value after deducting depreciation from original cost is called as Written Down Value. So this is WDV. After that second year we use it, again we charge same amount of depreciation, I told you this is just hypothetical figure just to understand this particular WDV. So, again same depreciation charged 20,000 and now at the beginning of the third year the value of the asset is 60,000. So this is book value at the beginning of the third year because of depreciation it has decreased, again this is called as WDV. So, after charging depreciation whatever is left that is known as WDV. So third year again we charge depreciation of 20,000 and now the value is 40,000, this is called also WDV. So, from this as it will go on and so on every year we will charge depreciation, every year the value goes down and that value after charging depreciation is known as WDV. And so first year 80,000, second year 60,000 and third year 40,000, value of asset after deducting depreciation is Written Down Value, whereas, the original cost never changes. So, here the WDV goes on decreasing every year but the original cost will never change. The original cost remains constant.Then after that, let’s see further method for calculation of depreciation. Now, method, different methods are there for calculation of depreciation, number of methods are applied to calculate depreciation to be charged for the accounting period. Out of the various methods mentioned below, a suitable method is based on the nature, scope of business and concerned fixed assets as well as provision of the concerned act are adopted. So, now which method is to be followed that depends on nature of business, scope of business, after that nature of concerned fixed assets and obviously unavoidable that is the provision of laws applicable to that particular business. Now, the syllabus for FYJC prescribed first two methods only. So, out of the list of methods, two methods only are there in FYJC syllabus, remaining methods you will study in further standards. So, check first method Original Cost Method, second method Written Down Value Method, third is Annuity Method, fourth is Depreciation Method, after that Machine Hour Rate Method, after that Insurance Policy Method, Sum of years digit method, etc. Out of this only first two are applicable for the syllabus of FYJC, that is Original Cost Method and Written Down Value Method.So, let’s move to first method which is there as per our syllabus, Original Cost Method. Understand what is that, under this method, depreciation is calculated on the original cost of asset every year at a fixed rate of depreciation or by a fixed amount of depreciation. So, every year we will calculate depreciation on the original cost, of course when you have to calculate depreciation, if the rate of depreciation is given. So, that rate of depreciation remains constant and every year it will be applied to original cost or directly will be given the amount of depreciation. So, the same depreciation will be charged every year.Since, original cost is fixed, rate of depreciation is fixed, amount of depreciation every year is also fixed. Original cost is fixed, we have seen never changes, rate of depreciation is fixed and so, because of that amount of depreciation is also fixed. The amount of depreciation remains constant every year on a particular asset. So, it will remain constant, it will not change year by year. It is also called as Straight Line Method or Fixed Instalment Method, due to this reason as the amount of depreciation is fixed, that means the instalment of depreciation is fixed, it is also called as Fixed Instalment Method or Straight Line Method..

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