Question

Role of EDI in entrepreneurship development
Explain final statement of accounts

Answer 1

Answer:

“Rational Choice Theory” is an umbrella term for a variety of models explaining social phenomena as outcomes of individual action that can—in some way—be construed as rational. “Rational behavior” is behavior that is suitable for the realization of specific goals, given the limitations imposed by the situation.

Answer 2

Role of EDI in entrepreneurship development:

• The objective of EDI is to promote entrepreneurship development through education and research and development.

• They are involved in educating graduates on entrepreneurial procedures and strategies.  

• They are also collaborating with the government on open and develop industries which would be a potential for employment for the people.

• The EDI is an autonomous non-profit body that has been sponsored by a number of financial institutions in India.  

• They are promoting entrepreneurship in a number of schools and colleges and other institutions across the country.

Final Statement of Accounts:

• The Final Statement of Accounts gives a comprehensive view of the ‘profitability and financial’ position of a business enterprise.  

• The total transactions for the business are first recorded and then transferred into a ledger and shown as a balanced statement for a specific time period.  

• The final transactions are shown in columns of the ‘income statement’, equity statement, credits, and debits for a certain period.

• It gives an account of the cash flows and more information about the financial ‘position of the company’.

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