16Jul, 2020
    7 Reason why every Kid should learn coding and its importance for kids

    7 The reason why every kid should

    Learn coding and its importance for kids

    Coding encourages and develops creativity.

    Creativity is part of the process and not always the product.By experimenting in coding children learn and strengthen their brains. Even when they make a mistake they learn. Children can be creative and creativity is encouraged. Coding helps to develop this way of thinking and these types of thinking skills are highly sought after. Children learning code will need to take a vague idea and use their creativity to turn it something effective. If the first solution doesn’t work, they try another one. If that one doesn’t work, they try again until the problem is solved.

    Coding helps children with Math skills.

    Coding helps children to be able to visualize abstract concepts, lets them apply math to real-world situations and makes math fun and creative. Coding is present in many of today’s STEM programs. Learning to program involves many skills including organizing and analyzing data. Children can grow their math skills while coding, without even realizing it. Using their logic and calculation skills while creating something of their own can make maths more engaging and fun. Another big reason coding should be taught in schools.

    Coders are in high demand

    Learning to code will increase your child’s odds of securing a lucrative STEM career, especially in a world where computing jobs are growing at over twice the national average. As mentioned, according to Code.org, 71% of all new STEM jobs are in computing, yet only 8% of STEM graduates are in Computer Science. That’s a SERIOUS shortage of CS majors.   Coding has quickly become a vital skill, and Code.org also points out that CS majors can earn 40% more than the college average.

    With coding knowledge, students better understand the world around them

    Most of us don’t know the first thing about what makes our smartphones, laptops, social media networks, and video games run. Basic programming knowledge can change the way we interact with the technologies we use (and take for granted) daily and can open our eyes to the infinite possibilities of coding.

    Coding improves problem-solving

    When kids code, they take complex problems and break them down into smaller parts. Kids learn what it’s like to approach a problem the way a software engineer does, with logical, computational thinking. As Dan Crow, CTO of SongKick explains, “Computational thinking teaches you how to tackle large problems by breaking them down into a sequence of smaller, more manageable problems.” This logical thinking is a powerful tool in school, work, and life.

     Coding improves persistence

    Learning to code, like any new discipline, is a challenge. Thus, tackling complex problems—and making mistakes along the way—can be very frustrating. Coding teaches the valuable skill of persistence in the face of such challenges. Learning how to problem solve and look for solutions through research and collaboration builds this highly desirable skill.

    Coding improves collaboration

    Every student can learn, and every student can learn how to code—kids can learn alongside others of every race, gender, or background. Kids meet and learn how to collaborate with all kinds of peers, all joined by a common interest in technology. Classrooms and other in-person environments, like iD Tech, bring kids together for face-to-face collaboration. Kids learning online can also grow, asking each other questions, and working to solve problems and create things together. Many games, like Minecraft, also offer a bevy of educational benefits because they too involve coding, collaboration, and participation—with peers all over the world.

     Coding improves communication

    Communication is an absolutely essential skill throughout school, work, and life. People who can clearly communicate complex ideas in simple terms tend to be successful in different industries and walks of life.
    CODING FOR KIDS PROGRAMME
    Prepaid expense in Accounting
    5Mar, 2020
    Prepaid Expense in Accounting and its journal Entry

    Prepaid Expense in Accounting and its journal Entry

    What is prepaid Expense?

    Prepaid expenses are those expenses that are paid in advance. It means the cost of expense is paid but they are not yet used up or incurred. Prepaid expenses are Asset by nature. The prepaid expense comes under the category of Current Assets. They are treated as current assets because most of the prepaid expense is consumed within a month or so. If prepaid expense are not consumed with a particular financial period then they are transferred to the next financial year in the Asset side of the balance sheet under category current assets.
     

    Examples of Prepaid Expense

    Salary paid to Mohan Rs 12000 along with an advance salary Rs 4000. Here Mohan is getting a salary of Rs 16,000 which even includes advance salary, therefore, we have to use the following concept before making a journal entry of Prepaid expense in books of accounts. before we go further we have understood the following concept of accounting. To record the entry of outstanding Expenses in books of accounts we should know that When we ADD Assets in Business we Debit our Asset Similarly, When we ADD Liability in Business we Credit our Liability And When we Minus or deduct Asset in business we Credit our Asset Similar when we Minus or deduct our Liability form business we Debit our liability it can be more clear from the picture given below. asset and liabilities Now as per the above example our Assets to Rs 4000 is created in the books of accounts, therefore, we have to book our Assets by debiting it name given to the current asset can be Advance salary. The journal entry for the above in the books of accounts will be :

    Journal Entry of Prepaid Expense

    Salary paid to Mohan Rs 12000 along with an advance salary Rs 4000. Salary A/c Dr.                 12,000 Advance Salary A/c Dr    4,000 To cash A/c                         16.000 (being salary paid with advance salary ) here Advance salary is paid in advance, therefore, it is treated as Assets under books of Accounts. when it is booked. Example: An insurance premium paid Rs 12000 on 1 Dec 2019. On 1 Dec 2019. the following journal entry is made. Insurance premium A/c Dr 12,000 To Bank/Cash A/c                12000 Now at the end of the accounting year, 31 march 2020 following entry needs to be made. Prepaid Insurance Expense A/c Dr      8000 To Insurance A/c                                       8000 (adjustment of prepaid insurance )

    Prepaid expense under income statement and balance Sheet

    Now in Final Accounts  salary will be shown in the Profit and Loss A/c and Advance salary Rent will be shown in the Asset side of balance sheet shown below Profit and Loss A/c
    Particular Amount Particular Amount
    salary A/c 12,000
     
    Outstanding expense under Balance Sheet
    Liability Amount Asset Amount
    Advance Salary 4000
     

    Adjustment of Prepaid expense

    When Advance Salary is paid salary  A/c Dr.          10,000 Advance Salary A/c Dr   4000 To cash A/c                         14,000 (being salary paid with advance salary ) here we reduce our liability in the next accounting year by paying our dues. now in next month advance salary is adjusted Salary A/c Dr 12,000 To cash A/c                     8000 To Advance Salary A/c     4000 (being salary paid with adjustment of adv. salary)

    Advance expense in Trial Balance :

    Outstanding expense are liability by nature and liability are shown in the credit side of Trial balance Dr.                                                                                                                                            Cr.
    Particular Amount Particular Amount
    Advance salary 4000
         

    Prepaid expense quiz

    Welcome to your prepaid expense